Technology Report: LinkedIn expects strong 2011 after doubling sales

If you are having trouble viewing this email or would like to view it in your web browser, CLICK HERE
	08/4/2011
Good afternoon Bit Smartphones are constantly reaching new heights in sleekness and cutting-edge technology, but investors in the U.S. wireless sector seem unconvinced. Weak results and poor growth in both major and minor telecoms firms nationwide helped spark an investor exodus from the sector, and analysts say small operators like MetroPCS and Leap Wireless have indicated they've simply lost faith in the promise that smartphones can boost growth. Popular with consumers and heavily subsidized to encourage uptake, investors now look to be assessing whether a future of ever-increasing costs for carriers is one they'd like to take part in. In tech company earnings, professional networking site LinkedIn reported that its quarterly revenue more than doubled as the company endeavored to prove it can fulfill the promise of its splashy IPO. Used by professionals seeking jobs or contacts and companies seeking qualified applicants, LinkedIn was the first prominent U.S. social networking site to make its public trading debut. The massive hack attack recently revealed by security company McAfee does much to underscore the fact that governments and companies are losing the war against cyber thieves. Security experts uncovered an unprecedented five-year series of cyber attacks on 72 organizations worldwide, including the United Nations, governments and major corporations. In this analysis, Reuters' security correspondent William Maclean argues that it's unclear if the unsettling disclosure will actually prompt rapid global action against cyber attacks – partly due to the reluctance of stigma-conscious companies and states to report the attacks. After lashing out at rivals and accusing them of banding together to block Google's attempts to bid on Nortel smartphone patents in an angry blog post, Google Senior Vice-President and Chief Legal Officer David Drummond had his claims of victimhood shot down with a single tweet by Frank Shaw, Vice President of Corporate Communications for Microsoft. In a development no doubt embarrassing for the Internet search giant, Shaw replied by tweeting an image of an email that showed that Google was offered a chance to make a joint bid for the Nortel patents, but turned it down. In more bad news, Nokia Siemens Networks announced it began cutting 1,500 jobs from the 6,900 staff it acquired with its $1.2 billion acquisition of Motorola's telecoms network unit in April. A Nokia spokesman said the process affects staff working in the GSM and Wimax technology divisions in several countries including the U.S. and Britain. And in the social networking world, a new system of predicting "friends" based on the actual places individuals visit has been developed by researchers at Cambridge University in the UK. The new approach to "friend suggestions" looks at users' regular haunts and finds other people with similar connections. Combined with the "friend-of-a-friend" method, this new system can increase the efficacy of the friend prediction system, say researchers. LATEST NEWS LinkedIn expects strong 2011 after doubling sales August 04, 2011 05:32 PM ET NEW YORK/LOS ANGELES (Reuters) - LinkedIn Corp is banking on faster-than-expected revenue growth in 2011, as the professional networking site sets off to prove it can fulfill the promise of its splashy IPO and rich valuation. | Full Article Nokia Siemens Networks starts cutting 1,500 jobs August 04, 2011 02:55 PM ET LONDON (Reuters) - Nokia Siemens Networks has begun cutting 1,500 jobs from the 6,900 staff it acquired with its $1.2 billion acquisition of Motorola's telecoms network unit in April, a spokesman said on Thursday. | Full Article Analysis: Cyber raids unlikely to stir faster global action August 04, 2011 11:18 AM ET LONDON (Reuters) - A major new hacking attack underscores that governments and companies are losing the war against cyber thieves, but it's unclear if the disclosure will prompt quicker global action against online break-ins. | Full Article AT&T says fixed New York software related outage August 04, 2011 11:37 AM ET NEW YORK (Reuters) - AT&T Inc said some New York customers had voice service outages on Thursday morning because of a software problem that occurred during "routine maintenance activities." | Full Article Wall Street suffers worst selloff in two years August 04, 2011 05:27 PM ET NEW YORK (Reuters) - Investors fled Wall Street in the worst stock-market selloff since the middle of the financial crisis in early 2009 in what has turned into a full-fledged correction. | Full Article BUSINESS NEWS BNY Mellon imposes fee on rapidly growing deposits August 04, 2011 05:25 PM ET NEW YORK (Reuters) - Bank of New York Mellon Corp told some of its biggest depositors this week it does not want their money. | Full Article Jobs, retail sales data support recovery hopes August 04, 2011 11:27 AM ET WASHINGTON (Reuters) - The number of Americans claiming new unemployment benefits was steady last week and heavy discounting lifted sales at retailers in July, hopeful signs for the sputtering economy. | Full Article Kraft's Rosenfeld breaking up food giant she built August 04, 2011 02:46 PM ET NEW YORK (Reuters) - Kraft Foods Inc Chief Executive Irene Rosenfeld plans to break up the food giant, just 18 months after driving through the controversial acquisition of UK chocolate maker Cadbury. | Full Article GM profit nearly doubles, slowdown risk ahead August 04, 2011 05:06 PM ET DETROIT (Reuters) - General Motors Co's quarterly profit shot past Wall Street expectations, but its share price slipped as investors focused on the risks of a sputtering economy and resurgent Japanese rivals. | Full Article Congress reaches deal to end aviation standoff August 04, 2011 04:52 PM ET WASHINGTON (Reuters) - Congressional leaders struck a deal on Thursday to resolve a partisan dispute and end a partial shutdown of the Federal Aviation Administration that has halted airport projects and threatened thousands of jobs. | Full Article U.S. TOP NEWS Dozens die, thousands flee Syrian tank assault in Hama Special report: How Washington took the U.S. to the brink Euro zone policymakers fail to extinguish market fire Analysis: Shaky economy has companies wary of spending Swede tried to build nuclear reactor in his kitchen RELATED VIDEO NASA prepares spacecraft for trip to Jupiter Talk and tech at MoMA Massive cyber-attack pattern points to China: security expert 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 Greyfriars Bobby was a scam to lure tourists Full Article New saggy jeans designed to improve mobility Stop wearing bunny suit, police tell Idaho man Bears saved from forced vodka drinking Bra chain record comes apart at the seams - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend