Tech Business Review: Nokia ABANDONS Platform, MetroPCS Pulls A NUMBER
Here are Thursday’s top stories:
Nokia Corporation (NYSE:NOK) is abandoning a software project that it had hoped could compete with Google’s (NASDAQ:GOOG) Android, say sources. The Linux-based software platform, code-named Meltemi, would have supplanted Nokia’s Series 40 software, but a large cost-cutting drive is said to have caused the company to let it go.
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Shares of discount carrier MetroPCS Communications, Inc. (NYSE:PCS) jump through the roof, subsequent to second quarter results that greatly exceeded depressed expectations. The firm lost 186,000 subscriptions during the period and saw churn rise 30 basis points to 3.4 percent, but investors had already been expecting such numbers. What was apparently not expected was that MetroPCS’ average revenue per user would move higher to $40.62, or its cost per gross addition to fall $44 quarter-over-quarter to $191, or its adjusted earnings before interest, taxes, depreciation and amortization to rise $215 million quarter-over-quarter to $477 million. Leap Wireless International, Inc. (NASDAQ:LEAP) shares also jumped, in sympathy.
E2open (EOPN) is not enjoying the best of initial public offerings Thursday. The shares were first priced at $15, opened at $14.14 and are trading in late afternoon in the mid-$13 range; this performance contrasts with those of other recent enterprise technology IPOs. E2open is a relatively small member of the supply-chain management software market, and worries might be afoot regarding its ability to compete over the long run with such firms as SAP and Oracle, as they accelerate development of their cloud investments.
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