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Shares of video game publisher Take-Two Interactive Software fell 26 percent to US$8.91 in late-day trading Thursday after the company announced a disappointing financial forecast for the holiday shopping period Take-Two shares were down 68.2 percent from their 52-week high of $27.91....
In yet another sign of weakening in the technology sector, enterprise software giant Oracle announced a decline in profits on Thursday The Redwood Shores, Calif.-based company reported US$1.29 billion in earnings during the fiscal quarter ended Nov. 31, down 1 percent from $1.3 billion in earnings during the same period last year. The year-over-yea...
Business networking company LinkedIn has undergone a changing of the guard. CEO Dan Nye is out and has been replaced by LinkedIn founder Reid Hoffman. Former Yahoo executive Jeff Weiner has joined the company as interim president and will oversee day-to-day operations.
A heavily financed Internet startup has launched a new question-and-answer search engine with a twist -- users pay one another to get answers to questions Santa Monica, Calif.-based Mahalo launched Mahalo Answers earlier this week. The search service is reminiscent of Yahoo Answers and search engines popular in Asia such as Naver and Daum, both bas...
New York Gov. David Paterson has proposed a 4 percent tax on digital music downloads and other "digitally delivered entertainment services." The "iPod Tax," as it's become known, is just one of many new taxes the governor has proposed in an effort to close the state's multibillion-dollar budget gap....
Struggling mobile phone maker Motorola announced drastic measures on Wednesday to cut costs as demand for its products flag in the now year-old U.S. recession The Schaumburg, Ill.-based company will cut the pay of its co-CEOs -- Greg Brown and Sanjay Jha -- by 25 percent in 2009, freeze its U.S. pension plans and stop matching employees' 401(k) con...
The technology industry was rocked by more dismal news Tuesday with a Gartner report predicting sales of semiconductors will drop by 16.3 percent to US$219.2 billion in 2009 due to the recession and lower consumer spending The decline in chip sales in 2009 will mark the first time the sector has seen back-to-back years of declines. Worldwide chip s...
Consumer electronics giant Best Buy is the latest casualty of the recession and slowdown in consumer spending The Richfield, Minn.-based company reported a whopping 77 percent drop in year-over-year profit in the third quarter ended Nov. 29 and announced a plan to offer voluntary buyout packages to all of its corporate employees....
The Federal Communications Commission canceled a meeting scheduled to plan how to divvy up wireless spectrum for a free, nationwide broadband Internet network The announcement on Saturday came after Democratic lawmakers including Sen. Jay Rockefeller of West Virginia and Rep. Henry Waxman of California asked FCC Chairman Kevin Martin to delay any F...
The Free Software Foundation filed a lawsuit against Cisco Systems on Thursday, alleging the networking giant is in violation of numerous open source licenses The suit was filed in the U.S. District Court of Manhattan by the Boston-based nonprofit open source software group....
The race to see who will dominate the world of ultra-fast, 4G wireless broadband networks is on Verizon Wireless, the nation's No. 2 wireless carrier, announced Tuesday that it will deploy an LTE, or Long Term Evolution, network earlier than expected....
Cable giant Comcast announced Thursday it will roll out new ultra-fast broadband services in Chicago, Atlanta, Baltimore and Fort Wayne, Ind., by the end of December The service, called "Docsis 3.0," boasts Internet connection speeds of up to 50 megabits per second. Docsis also allows Comcast to double speeds for most of its existing broadband cust...
One of Yahoo's largest shareholders is urging the beleaguered Internet company's board to sell its search assets to Microsoft Ivory Investment Management, a Los Angeles-based hedge fund, on Wednesday submitted a letter to Yahoo's board proposing a deal whereby Yahoo would sell its search assets to Microsoft for about US$15 billion, or $25 per share...
Sun Microsystems' biggest institutional investor -- Southeastern Asset Management -- plans to add two new members to the struggling server maker's board of directors Memphis, Tenn.-based Southeastern owns 22 percent of Sun's common stock. Founded in 1975, Southeastern has US$34 billion in total assets under management....
Japanese consumer electronics giant Sony announced Tuesday that it will lay off 8,000 full-time employees by March 2009 and slash spending in an attempt to reposition itself for a prolonged global recession. It also plans to reduce seasonal and temporary workers The cuts will leave Sony with 160,000 employees worldwide.
Part of President-elect Barack Obama's plan to stimulate the economy through a massive public works program will touch upon the technology sector, which has seen its share of woes in recent months Through the proposed economic stimulus package, Obama hopes to expand access to broadband Internet, make government buildings more energy-efficient, impr...
Microsoft has tapped Qi Lu, a former Yahoo Search executive, to run its Internet unit Lu, 47, left Yahoo in August after 10 years; he most recently served as vice president of engineering for the search and advertising technology group....
With the U.S. in the throes of what could be the worst recession in decades, consumers have made dramatic cutbacks in discretionary spending That includes donations to charitable causes and nonprofit organizations, many of which supply critical aid to vulnerable populations both in the U.S. and abroad....
AT&T, the largest phone company in the U.S., announced Thursday that it will cut about 12,000 jobs, or roughly 4 percent of its total workforce, starting this month and through next year AT&T also announced it would slash capital spending, but it won't have specific figures ready until it releases its fourth-quarter financial results late next mont...
AT&T, the largest phone company in the U.S., announced Thursday that it will cut about 12,000 jobs, or roughly 4 percent of its total workforce, starting this month and through next year AT&T also announced it would slash capital spending, but it won't have specific figures ready until it releases its fourth-quarter financial results late next mont...
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