Friday, July 18, 2008

In Surprise, 2 Tech Titans Disappoint - NYTimes.com

This will be an interesting day on Wall Street

Like two straight-A students who uncharacteristically fail an exam, the technology titans Google and Microsoft issued quarterly results on Thursday that disappointed investors.

[...]

Google executives argued that they were more protected than rivals against choppy economic waters.

“We don’t believe we are inoculated from global economics, but we do believe if there is a worsening, we do better than anyone else in the ad industry,” Eric E. Schmidt, Google’s chief executive, said in an interview.

Meanwhile...

I.B.M. is clearly benefiting from its global advance; it beat Wall Street’s estimates soundly on Thursday. The company said that its net income rose 22 percent in the second quarter compared with a year ago, to $2.77 billion, or $1.98 a share.

Analysts had expected $1.82 a share, according to a survey by Thomson Financial.

In Surprise, 2 Tech Titans Disappoint - NYTimes.com

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