TI income fell 20% in Q3
Chipmaker Texas Instruments Inc (TI) said on Monday that its net income fell 20 percent in the third quarter. Its outlook for the current period was worse than analysts expected. TI expects earnings per share of US$0.42 to US$0.50 in the last three months of the year, below the US$0.51 that analysts polled by FactSet predicted. It expects revenue of US$2.86 billion to US$3.1 billion, also below the US$3.11 billion analysts forecast. Net income in the third quarter came in at US$629 million, or US$0.56 per share, from US$784 million, or US$0.67 per share, in the same period a year ago. That beat analysts’ estimate of US$0.53 per share. Revenue fell 4 percent to US$3.24 billion because of declines in its legacy wireless business, which shrank to less than 2 percent of revenue in the third quarter.
China Mobile profit slips
China Mobile Ltd (中國移動), the world’s biggest phone carrier by subscribers, said its latest quarterly profit tumbled 8.7 percent due to tougher competition. The company said profit in the three months ended Sept. 30 was 28.4 billion yuan (US$4.5 billion), down from 31.1 billion yuan a year earlier. The company said in a statement that it “experienced severe difficulties and challenges arising from increasingly complex competition.”
Japan firms invest in Brazil
A Japanese consortium yesterday said it would buy a 30 percent stake in a Brazilian shipbuilder, as it eyes the lucrative market for resource-exploration vessels. The deal, reportedly worth about ￥30 billion (US$305 million), would see five firms, including Japan’s Imabari Shipbuilding and Mitsubishi Heavy Industries, invest in Brazil’s Ecovix-Engevix Construcoes Oceanicas S/A, which has more than 5,000 employees. No financial details were released yesterday, but business daily Nikkei Shimbun has reported that the investment would be worth as much as ￥30 billion.
Singapore, China ink pact
Singapore and China will introduce direct trading between their currencies, helping the city-state cement its status as Southeast Asia’s yuan hub. The two nations also agreed on a 50 billion yuan (US$8.2 billion) quota for financial institutions in Singapore to invest in China’s domestic securities under the Renminbi Qualified Foreign Institutional Investor program, the Monetary Authority of Singapore said in a statement yesterday. The city-state will be one of several locations where Chinese institutional investors will be able to buy securities overseas with yuan under the new program, the statement said.
Yahoo beats Google in traffic
For the third month in a row, more Americans visited Yahoo’s Web sites than Google’s, according to comScore Inc’s Internet traffic data for last month. The research firm said on Monday that Yahoo Inc’s Web sites had 197.8 million unique US visitors last month, while Google Inc’s had 191.4 million. Yahoo was also ahead of Google in July and August. The last time that Yahoo was ahead of Google before that was in May 2011. That said, Yahoo is still far behind Google in making money from the people who visit its Web sites. Research firm eMarketer estimates that Google will generate US$38.83 billion in worldwide digital ad revenue this year, more than any other firm. Facebook Inc is at No. 2 with an estimated US$5.89 billion, while Yahoo is No. 3 with US$3.63 billion expected.