Cisco (CSCO) 17.87 -0.37 (-2.0%)
Networking company that accounts for 3.4% of the Nasdaq 100 reports fiscal second quarter (Jan) earnings of $0.22 a share. That was in line with expectations, but revenue at $6.06 billion was short of the expected $6.12 billion. Gross margins were 66.86% compared to expectations of 67.1%. Their product book-to-bill ratio was below 1.0. Revenue guidance for the current quarter encompassed current Wall Street expectations, but the market is clearly disappointed with the report.
UTStarcom (UTSI) 15.85 +0.93 (+6.2%)
Telecommunications company delays their earnings report in order to calculate an additional income tax benefit. This did not concern the analyst community. Revenue was reported at $742 million, in line with expectations. The company issued upside guidance for the current quarter, putting EPS at approximately $0.20 compared to Reuters Estimates consensus of $0.11. Company expected revenues of approximately $810 million compared to current Wall Street expectations of $771 million.
Computer Sciences (CSC) 49.97 -2.03 (-3.9%)
Information technology services firm takes a hit in after hours trading despite reporting operating earnings of $0.82 per share, ahead of the $0.80 average Wall Street forecast. Revenue was the problem, which at $3.52 billion was well below expectations of $3.96 billion.
Sonic Solutions (SNIC) 16.31 -1.81 (-10.0%)
Relatively small company, but very active in after hours trading, this DVD company reports operating earnings of $0.18 per share, two cents ahead of expectations. Unfortunately for shareholders, they also warned that current quarter revenues would be $35 to $38 million, compared to expectations of $38.1 million, and gave a range of $0.25 to $0.27 per share for operating earnings, compared to expectations of $0.27.