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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Electronic Data Systems Corp. , the world's second-largest technology services provider, on Monday posted a higher-than-expected quarterly profit thanks to cost cutting, but revenue fell and it forecast 2005 earnings would fall short of Wall Street estimates.
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IT services provider Electronic Data Systems yesterday reported a net loss of $153 million for the third quarter, with earnings hit in part by an asset impairment charge of $375 million connected with EDS's N/MCI project.
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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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More than 13,000 former subscribers of Verizon's wireless Internet service who found their accounts terminated due to alleged misuse, started receiving refunds for their equipment costs this week.
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The telecom's results can't quite connect with Wall Street's expectations.
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EDS (EDS:NYSE - news - research) shares slipped Thursday after the company warned that an airline industry bankruptcy could take a big chunk out of earnings.
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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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Wireless carriers planning to offer next-generation wireless services have bid $13.9 billion in a spectrum license auction that ended Monday, the U.S. Federal Communications Commission (FCC) said.
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Verizon Communications Inc.'s third-quarter profit held steady at about $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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Operating profits slipped 5.5 percent at Cingular Wireless LLC despite gains in both subscribers and revenue in what was likely the last full quarter before the company's completes its &#36;41 billion purchase of AT&amp;T Wireless Services Inc.
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Motorola Inc. Chief Executive Ed Zander received $13.2 million in compensation in 2006, according to a proxy statement filed Friday, for a year in which the cell-phone maker boosted sales and market share but saw profits decline under pressure from rivals.
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The company reported a 53 percent drop in profit for the third quarter from results helped by a tax gain a year ago, but both earnings and sales beat expectations.
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Texas Instruments, the largest maker of chips for mobile phones, said its fourth-quarter profit rose 13 percent and that sales reversed a yearlong decline.
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U.S. blue chips closed at a 2005 high  on Thursday as healthy earnings and better-than-expected  economic data lifted Wall Street's mood, but tech stocks barely  rose, weighed down by telecommunications equipment maker  Ericsson ERICY.O.
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Verizon Communications Inc. , the largest U.S. telecommunications company, on Thursday reported third-quarter earnings virtually unchanged from the year before as wireless and high-speed Internet sales offset losses of local phone lines.
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The company, which closed a $5.6 billion deal to buy Dow Jones & Company in December, said quarterly profit increased to $832 million, or 27 cents a share.