- Associated Press - Wednesday, July 21, 2010

Here is a summary of recent earnings reports for selected technology companies and what they reveal about the state of corporate spending and the overall economy:

July 13: Intel Corp. reports its largest quarterly net income in a decade as the chipmaker benefits from a stronger computer market and more sophisticated factories. Large corporations bought more computers that use Intel’s most expensive chips, a sign that businesses aren’t as stingy on upgrading employees’ personal computers.

July 14: ASML Holding NV, a Dutch supplier of tools that chipmakers need to make products, says it has returned to profitability in the second quarter as demand rebounded sharply. The company says sales for the year should grow 10 percent to 15 percent over its 2007 record of 3.8 billion euros as chip makers make up for under-investment during the recession.

July 15: Advanced Micro Devices Inc. reports a smaller second-quarter loss after reviving sales of computers that use its chips and undergoing a wrenching years-long effort to shed costs. AMD would have made money were it not for a loss related to its investment in factories it used to own but were spun off into a separate company a year ago.

Google Inc.’s earnings misses analysts’ target. The letdown stems from Google’s expanding payroll and a run-up in the U.S. dollar that has been driven by fears that the euro will crumble if governments in Europe default on their perilously high debts.

Monday: IBM Corp. beats earnings expectations in the second quarter and raises its guidance for the year, but reports revenue rising only 2 percent, falling short of Wall Street’s estimates. IBM says currency changes hurt revenue, as deals done in other currencies are now worth less when they’re converted to U.S. dollars.

Texas Instruments Inc. says second-quarter income and revenue jumped as demand continued to recover after the recession. But investors who saw strong reports recently from other technology companies wanted even better results from TI and sent the chip maker’s shares down.

Tuesday: Yahoo Inc. reports lackluster revenue growth, overshadowing a surge in net income. The company says the second quarter looked fairly strong until June when several large advertisers suddenly reduced their spending. Reflecting that circumspect mood, Yahoo predicts its third-quarter revenue will either remain unchanged from last year or increase by as much as 4 percent.

Apple Inc. says net income in the latest quarter rose 78 percent, thanks to sales of its iPhone and the new iPad tablet computer. And unlike many other technology companies, Apple also saw strong revenue _ up 61 percent in the quarter.

Wednesday: EMC Corp. says net income more than doubled in the second quarter as corporations opened the spigot on spending for more data storage, though its CEO calls the recovery “choppy” and says EMC is “definitely seeing a slowdown” in southern Europe.

Qualcomm Inc. says net income for the most recent quarter rose 4 percent and revenues fell less than analysts expected, allaying concerns among investors that the developer of wireless chips and technologies was failing to capitalize on consumers’ appetites for smart phones.

Among technology companies’ earnings coming up:

Thursday: Microsoft Corp., Nokia Corp., Xerox Corp.

Aug. 11: Cisco Systems Inc.

Aug. 19: Dell Inc., Hewlett-Packard Co.

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