Here’s Why Apple Shares Illuminated Green in a Sea of Red
Shares of Lions Gate Entertainment Corp. (NYSE:LGF) fell 7 percent after the closing bell. The media company reported a net loss of $22.7 million (17 cents per share) for the fourth-quarter, compared to a net gain of $48.7 million (34 cents per share) a year earlier. Revenue increased 71.2 percent to $645.2 million from the year-earlier quarter.
TiVo Inc. (NASDAQ:TIVO) shares dropped 2 percent in late trading as the company reported disappointing results for the first-quarter. TiVo logged a loss of $20.8 million (17 cents per share), compared to a net gain of $139 million ($1.04 per share) a year earlier. Tom Rogers, President and CEO of TiVo, said, “Our first quarter represented a solid start to the year for TiVo with our results in line with our financial outlook and as we continued to execute on our key objectives. Global adoption of TiVo progressed as we grew our subscription base 27% year-over-year, or by 524,000 subscriptions.”
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After falling almost 8 percent during regular market hours, Research in Motion (NASDAQ:RIMM) shares edged slightly higher in extended trading. The BlackBerry maker recently announced it hired JPMorgan (NYSE:JPM) and RBC Capital Markets to review the company’s business and financial performance. CEO Thorsten Heins also announced that the company would report a first-quarter operating loss and plans on cutting its work force.
Despite a pullback across the markets on Wednesday, Apple Inc. (NASDAQ:AAPL) shares managed to close 1.2 percent higher and continues to attract interest after the closing bell. The tech giant launched the official iOS app for its 2012 Worldwide Developers Conference, and also posted the full conference schedule on its website. The conference begins on Monday, June 11 with a keynote presentation, as expected. Most Apple enthusiasts know that a keynote presentation usually contains the introduction of some new software, and if they’re lucky, some new hardware as well.
Shares of Facebook (NASDAQ:FB) continue to struggle in public trading. The social-media company traded down to as low as $27.86 on Wednesday, representing new lows since it began trading on the Nasdaq (NASDAQ:QQQ) on May 18. Shares finished the day at $28.19 and continued to edge lower in late trading.
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