Earnings at E.D.S. Slip 13% After Verizon Ends Contract
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E.D.S. reported net income of $189 million, or 36 cents a share, in the quarter that ended Dec. 31. That was down from $217 million, or 40 cents a share, a year earlier.
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Profit fell 94 percent in the third quarter as sales fell in the companyâs cell phone business, but it forecast better-than-expected fourth-quarter results.
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Electronic Data Systems Corp., the world&#39;s second-largest seller of computer services, delayed the release of third-quarter earnings while it reviews the value of a contract with the US Navy.
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Quarterly net profit fell to $81 million, from $133 million a year earlier, as the company took charges related to restructuring and disposing of some vending machines.
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Verizon's recent dip could bring short-term gains, but big risks loom ahead.
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Verizon Communications  has  decided to pocket most of the savings from the cancellation of  a government surcharge on digital subscriber lines, despite  calls from consumer groups to pass on the savings on to users.
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Texas Instruments Inc., the largest maker of chips for mobile phones, said Tuesday that its fourth-quarter profit rose 13 percent and sales reversed a yearlong decline.
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Verizon Communications Inc.'s third-quarter profit held steady at about &#36;1.80 billion as declining revenues from traditional phone services at the nation's biggest telephone company were offset by another blockbuster quarter for Verizon Wireless, which added a record 1.7 million subscribers.
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Verisign Chief Financial Officer (CFO) Dana Evan resigned Tuesday, and the company has restated earnings from 2002 to 2005, declaring an additional $160.3 million in stock-option compensation, it said Thursday.
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The advertising services company said fourth-quarter profit rose 13 percent to $313.9 million, slightly ahead of expectations, with revenue increases in the United States and internationally.
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(InfoWorld) - Electronic Data SystemsÂ (EDS) has agreed to pay $490,902 to settle a U.S. Securities and Exchange Commission investigation into accounting irregularities, the agency said Tuesday. The SEC accused EDS of failing to disclose the cost of a $225 million investment banking stock deal, maintaining inaccurate financial records, and failing to disclose an "extraordinary" transaction that made up more than 25 percent of the company's cash flow in the first half of 2002. EDS, an IT service provider based in Plano, Texas, did not admit or deny wrongdoing as part of the settlement. "We're happy to put this historical matter behind us," said Robert Brand, the company's director of corporate public relations. EDS replaced its chief financial officer and former chairman and CEO Dick Brown in early 2003, after the SEC opened a formal investigation into EDS accounting practices in October 2002. Separately, the SEC said a former official of an EDS subsidiary, accused of bribing officials in India, has also agreed to settle with the agency. The SEC had accused Chandramowli Srinivasan, the former president of EDS subsidiary A.T. Kearney India, of directing a bribery scheme in which the company paid $720,000 to senior employees of Indian state-owned enterprises between early 2001 and September 2003. The purpose of the bribes was to retain A.T. Kearney India's business with the government entities, the SEC said. Srinivasan agreed to pay $70,000 to settle the SEC charges. He also did not admit or deny the SEC charges. Srinivasan's payment was part of the SEC investigation into the accounting practices at EDS, the SEC said.
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Nokia Corp. reported a 13 percent drop in fourth-quarter earnings Thursday, but said it had recovered some market share, revenue had increased and it predicted more growth in 2005.
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NEW YORK -- Verizon Wireless added 2.3 million customers, most of them prized monthly subscribers, to put a shine on a fourth quarter when Verizon Communications Inc.'s profit was cut by restructuring costs.
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Targeting a top gripe by cell phone users and breaking ranks again with its industry, Verizon Wireless plans to prorate the fee it charges subscribers who break a contract so they only pay an amount proportional to the time left on their agreements.
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The contract electronics manufacturer posted a 90 percent drop in quarterly net profit, but earnings excluding special charges were higher than expected.
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Investors on Friday cheered a decision by AT&amp;T, the largest US provider of long-distance service, to eliminate more than 20 percent of its work force this year and write off $11.
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Services provider Electronic Data Systems Corp. (EDS) on Monday reported a net loss of US$153 million, or $0.30 per share, for the third quarter of this year. The report had been delayed multiple times as the company grappled with accounting issues.