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  • Facebook beats Wall Street targets, stock hits record high

    A portrait of the Facebook logo in VenturaBy Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's fast-growing mobile advertising business helped drive a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high in after-hours trading on Wednesday. Facebook now counts 1.5 million advertising customers and the company's ad business saw strong growth across all of its geographic regions, Chief Operating Officer Sheryl Sandberg told Reuters in an interview on Wednesday. Investors bid up shares of Facebook roughly 5 percent to $75.13 in after-hours trading on Wednesday, giving the Internet company a roughly $190 billion valuation, putting it on par with IBM Corp . Facebook's operating margin expanded to 48 percent of revenue in the second quarter, up from 31 percent in the year-ago period.


  • SEC considering action against S&P over ratings
  • Qualcomm struggles to collect royalties in China, stock falls

    Visitors walk past the Qualcomm stand at the Mobile World Congress in BarcelonaBy Noel Randewich SAN FRANCISCO (Reuters) - Qualcomm Inc's outlook for the September quarter was below Wall Street's expectations and its shares fell on Wednesday after the leading mobile chipmaker said it was having trouble collecting royalties in China. A new high-speed 4G network in China is driving fresh demand for smartphones with leading-edge technology, but Qualcomm has also faced legal and regulatory problems there, including an ongoing investigation by the country's antitrust regulator. Now Qualcomm is struggling to collect licensing revenue from some device makers in China, including a growing number of local manufacturers the U.S. chipmaker has done little or no business with in the past. "There was some impact in the quarter that we just reported in Q3 and we expect the impact will be larger in the next quarter and potentially for a number of quarters until we can get these things resolved," Qualcomm President Derek Aberle said in an interview.


  • BHP Billiton, Anglo American seek to sell joint manganese assets -WSJ
  • Facebook 2Q earnings, revenue soar
Quote of the Day

Satisfaction lies in the effort not the attainment. Full effort is full victory. -- Mahatma Gandhi




Today's Word

whitehall

The British government or the British Civil Service.



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