5 Tech Stocks Selling Off After Earnings Reports

Western Digital Corporation (NYSE:WDC) reported net income above Wall Street’s expectations for the third quarter. Net income for Western Digital Corporation rose to $483 million ($1.96 per share) vs. $146 million (62 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year-earlier quarter. Revenue rose 34.8% to $3.04 billion from the year-earlier quarter. Western Digital Corporation reported adjusted net income of $2.52 per share. By that measure, the company beat the mean estimate of $1.58 per share. It beat the average revenue estimate of $2.41 billion.

Brightpoint Inc. (NASDAQ:CELL) reported its results for the first quarter. Net income for Brightpoint Inc. fell to $2.6 million (11 cents per share) vs. $9.3 million (13 cents per share) a year earlier. This is a decline of 71.6% from the year-earlier quarter. Revenue rose 22.9% to $1.37 billion from the year-earlier quarter. Brightpoint Inc. reported adjusted net income of 16 cents per share. By that measure, the company fell short of mean estimate of 18 cents per share. It beat the average revenue estimate of $1.29 billion.

Sonus Networks Inc. ‘s (NASDAQ:SONS) first quarter loss narrowed, beating estimates. Loss narrowed to $6.4 million (loss of 2 cents per diluted share) from $12.4 million (loss of 4 cents per share) in the same quarter a year earlier. Revenue fell 4.4% to $64.3 million from the year-earlier quarter. Sonus Networks Inc. beat the mean analyst estimate of a loss of 3 cents per share. It beat the average revenue estimate of $58.4 million.

VeriSign Inc. (NASDAQ:VRSN) reported net income above Wall Street’s expectations for the first quarter. Net income for VeriSign Inc. rose to $68 million (42 cents per share) vs. $40.8 million (24 cents per share) in the same quarter a year earlier. This marks a rise of 66.8% from the year-earlier quarter. Revenue rose 13.3% to $205.7 million from the year-earlier quarter. VeriSign Inc. beat the mean analyst estimate of 39 cents per share. Analysts were expecting revenue of $208.6 million.

MetroPCS Communications Inc. (NYSE:PCS) reported a lower net income in first quarter, missing analysts’ estimates. Net income for MetroPCS Communications Inc. fell to $21 million (6 cents per share) vs. $56.4 million (15 cents per share) a year earlier. This is a decline of 62.7% from the year-earlier quarter. Revenue rose 6.9% to $1.28 billion from the year-earlier quarter. MetroPCS Communications Inc. fell short of the mean analyst estimate of 17 cents per share. Analysts were expecting revenue of $1.29 billion.