3 Tech Titans Making Noise: Apple Tries to Avoid Import Ban, Dell Struggles to Go Private, and BlackBerry Downsizes
Apple (NASDAQ:AAPL): Apple posted decent quarterly earnings that helped it rebound a little over the past few days. Revenue of $35.3 billion and net profit of $6.9 billion gave the company second-quarter earnings per share of about $7.50, down from a $9.32 per diluted share one year ago. This was at least somewhat attributable to a declining margin that dropped from 42.8 percent to 36.9 percent over the past year. Apple is trying to avoid a ban on iPhone 4 and iPad 2 imports after the International Trade Commission halted them over patent disputes with Samsung (OTC:SSNLF). Verizon’s lawyer has since asked President Barack Obama to veto the measure over concerns companies will use the precedent for competitive advantages.
Dell (NASDAQ:DELL): In an open letter to shareholders, Michael Dell commented on the state of Dell’s bid to go private. The founder of the PC giant wrote “I am at peace either way and I will honor your decision,” adding: “Currently, over 25% of the unaffiliated shares have not voted. This means that even if a majority of the unaffiliated shares that vote on the transaction want to accept our offer, the will of the majority may be defeated by the shares that do not vote. I think this is clearly unfair. ” The current deal between Dell and private equity firm Silver Lake has the company being taken private at $13.75 per share.
BlackBerry (NASDAQ:BBRY): The floundering smartphone maker has laid off 250 workers at its headquarters in Waterloo, Ontario. The company is in full-on cost cutting mode after taking a nearly $6 dollar per share beating since the end of June. A BlackBerry official told Reuters, “This is part of the next stage of our turnaround plan to increase efficiencies and scale our company.”
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