Tech Business Roundup: Nokia Follows Tim Cook to China, Zynga’s New Cash Generator
Nokia (NYSE:NOK) announces that in April it will initiate sales of Windows Lumia smartphones in China, and shares pop. The Finnish company has recently lost market share to Apple and Samsung, and this move is seen as an attempt to correct that situation. It was also reported that China Telecom (NYSE:CHA) will handle the Lumia sales at first, but two other large carriers have been enlisted for that task as well.
Bad news causes Progress Software (NASDAQ:PRGS) shares to falter in early trading. The company’s fiscal first quarter earnings plunged 64 percent due to a sharp decline in revenues from software licensing, and it was announced that CFO Charles Wagner Jr. will exit PRGS, effective immediately.
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The much noted absence of Mark Zuckerberg from Facebook’s (FB) recent analyst meeting is getting mixed reactions from Street analysts. One of them remarked that “We don’t think he should be hiding from the investors”, But former analyst Henry Blodget defended Mr. Zuckerberg, saying that it shows that ‘he has his priorities – to build the best products and company, not sucking up to investors’.
Shares of Yelp (NYSE:YELP) take advantage of the lack of major news and continue on their upwards way following Tuesday’s rally. The stock is currently up 40 percent from its post-initial public offering opening price, and trades at 23 times its 2011 revenue.
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Liberty Interactive (NASDAQ:LINTA) reveals that it sold 12 million shares of Expedia (NASDAQ:EXPE) at a price of $34.32, and the shares fall on Wednesday accordingly. The divestiture shrinks Liberty’s investment in Expedia from 26 percent to 16 percent.
At the head of the current week’s AppData list of the fastest-growing Facebook games, is Slingo, which is made by Zynga (NASDAQ:ZNGA). The number of daily users of this game, which combines slots and bingo, has jumped by an estimated 74 percent to 4 million, and it’s hoped by the company that Slingo will afford it a new beginning to the slow start it has faced so far in 2012.
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