 | Good afternoon Bit |  |  | Netflix says it's expecting its subscriber growth in the United States to slow in the coming quarter. The warning to investors came as the popular video rental company also reported second-quarter revenue that missed Wall Street expectations. The double-shot of bad news sent the company's shares down about 9 percent in late trading.
BlackBerry maker Research in Motion delivered on a promise it made last month to pare back its global workforce . . . and then some. The Canadian company announced it is laying off 2,000 staffers – or 11 percent of its workforce – in an effort to cut costs and offset sales declines in the mobile market, which is increasingly dominated by Apple and Google. Analysts are split on whether the cost cuts will do much to help the firm regain a competitive position. "The problem is you can't cut your way into growth or market leadership, and while I'm sure there was fat at RIM, the core problem sits squarely with management," Ed Snyder from Charter Equity Research told Reuters. Another analyst, however, argued that the cuts were a necessary step for RIM as it adjusts to a "new growth, or sales, reality."
In addition, RIM announced a number of changes to the roles and responsibilities of some of its senior managers. Most notably, the company said one of its three chief operating officers, Don Morrison, is retiring and that his responsibilities would fall to the remaining two, Thorsten Heins and Jim Rowan. As AllThingsD points out, though, the changes fail to address shareholder concerns that the real shakeup needed is at the very top with Mike Lazardis and Jim Balsille, who share CEO and chairmen duties.
Management changes are underway at AOL as well. Jeff Levick, the company's top advertising executive, will be leaving the Internet firm after a six-week transition period as part of AOL's effort to turn around its advertising sales. Ned Brody, who is in charge of the company's advertising network, was promoted to chief revenue officer. During the first quarter, AOL's Internet display advertising -- big splashy ads on web pages -- rose for the first time in three years, although its overall advertising revenue fell.
Texas Instruments, warning of economic uncertainties, forecast only modest sequential growth in the current quarter. For the second quarter TI earned $672 million, or 56 cents per share, compared with $769 million, or 62 cents per share, in the year-ago quarter. Revenue fell to $3.46 billion from almost $3.5 billion and was slightly ahead of analysts' consensus forecast.
Apple's booming Asian business seems set to grow even bigger as the country's No.1 and No.3 telecom operators jostle to stitch up deals to sell iPhones in the world's largest mobile phone market, argue Reuters correspondents Lee Chyen Yee and Huang Yuntao in a new piece. Apple's Chief Operating Officer Tim Cook said last week that the maker of the iPhone and iPad was merely "scratching the surface" in China. Smartphones still account for a fraction of China's total market, which is home to more than 900 million subscribers. | | | LATEST NEWS | | Head of U.S. cyber agency resigns suddenly | | July 25, 2011 04:59 PM ET | | WASHINGTON (Reuters) - The head of a U.S. agency that helps respond to cyber attacks resigned suddenly after several high-profile attacks on government computer systems but the Department of Homeland Security declined Monday to comment on the reason. | Full Article | | Debt standoff pressures stocks, drives wary mood | | July 25, 2011 05:03 PM ET | | NEW YORK (Reuters) - Stocks dipped on Monday as lawmakers remained in a standoff over raising the debt ceiling to avoid default, but investors were convinced a compromise will be reached before next week's critical deadline. | Full Article | | | BUSINESS NEWS
| | Amid dueling debt plans, Obama to address nation | | July 25, 2011 05:07 PM ET | | WASHINGTON (Reuters) - Top lawmakers rolled out dueling debt plans on Monday that offered little prospect for compromise, increasing the threat of a ratings downgrade and national default, as President Barack Obama prepared to address Americans on the impasse. | Full Article | | At least 100,000 join Oslo march in grief and unity | | July 25, 2011 04:30 PM ET | | OSLO (Reuters) - At least 100,000 people rallied in Oslo and tens of thousands more marched in cities across Norway on Monday in a nationwide expression of grief and unity over the massacre of 76 people by Anders Behring Breivik. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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