Lawsuits trending in tech world with Google-Oracle feud in the headlines, Sprint-Nextel slammed with tax fraud lawsuit and Apple-Samsung in settlement talks over their patent infringement battle. Yahoo is axing stagnant units in a turnaround effort and Nokia’s stocks hit a 15-year low.
10. RIM: I’d like to use a lifeline and call JPMorgan
Battling with financial troubles and CEOs quitting the firm, RIM is reportedly nearing a decision to pick a financial advisor with JPMorgan being the lead candidate. Though the final choice is not made, it is said to be finalized within a few days. RIM’s stock dropped 75 percent in the past 12 months. The Ontario, Waterloo-based company is in dire need of a financial advisor to help make the strategic decisions needed for it to stay afloat.
9. Apple and Samsung chiefs to meet to sort patent dispute
Patent lawsuits are trending in the tech world with settlements fairly common. Reportedly, Apple and Samsung have agreed to settle their dispute. Each company has claimed that the other has infringed patents related to smartphones and tablet computers. The legal battle between the tech giants has been kept away from the interest of the consumers as it might result in sales of products being affected.
8. Newest tech IPO doubles on day one
Splunk, the big data software company delivered the best first day IPO with stocks soaring by 109 percent. The spectacular debut of the start-up company revealed the boom in enterprise IPO’s. After Splunk, it was Proofpoint and Inflobox to make its debut with huge success. The rising stock market, a rise in technology startups and investors putting their money to work on Wall Street are heating up the market for initial public offerings. The pattern feels like its 2000 all over again on Wall Street!
7. Sprint hit with $300 million tax fraud lawsuit
Yet another lawsuit takes over the tech news. New York Attorney General Eric Schneiderman sued Sprint-Nextel Corp for more than $300 million on Thursday, accusing the wireless carrier of intentionally underpaying sales tax for seven years. Sprint’s decision not to collect and pay taxes was part of the company’s nationwide effort to lure customers from other carriers. The lawsuit seeks three times the amount underpaid, plus penalties. Looks like, the third biggest wireless carrier needs to think of other ways to sprint ahead of its rivals.
6. Greenpeace slams Apple over dirty energy used in iCloud
The environmental activist group Greenpeace released a report marking Apple and Amazon for having the dirtiest clouds in the industry. Greenpeace examined how energy efficient and clean cloud computing really is and slammed Apple for the company’s use of “dirty coal” to power its various cloud computing service like the iCloud, iTunes and Siri.
5. Microsoft beats forecasts on revenue and profit
The third quarter reports rolled in with good news for Microsoft exceeding analysts’ estimates revealing a 6 percent increase in revenue. Though the company focused on consumer products it was the corporate customer responsible for the latest record-breaking quarter. Businesses’ buying desktop PCs running Windows and Microsoft cloud services exceeded analysts’ estimates. With Windows 8, Office 15 and Windows 8 in line, things are looking up for the Washington-based company.
4. Nokia posts $1.8 billion operating loss; stocks hits 15-year low
The Finnish Company reported a first quarter operating loss of $1.8 billion. Sales plunged 29 percent amid struggles to reinvent its smartphone business. With the report of first quarter loss, Nokia’s shares fell 2.2 percent. In light of the loss, CEO Stephen Elop plans to slash prices of the new Lumia smartphone in an effort to increase sales and to compete with Asian rivals in emerging market. Lately, Nokia is continuing its struggle to gain a strong foothold in the smartphone market.
3. Intel’s first smartphone arrives, and it’s not what you expect
The smartphone market is booming with companies launching new devices every day. Intel is entering the competition by launching its first smartphone. Xolo X900, an Android phone has single-core 1.6GHz design with “Hyper Threading Technology,” which aims to improve multi-tasking performance. Of note, the smartphone will be hitting the International market while the U.S. market will have to sit this one out for now.
2. Yahoo to axe ‘non-core’ products in turnaround plan
In a company turnaround effort, Yahoo’s CEO Scott Thompson announced that several units will be shut down. However, he noted that news finance, sports, entertainment and mail sections were safe. CEO Thompson confirmed that the online search company will be reorganized into three main groups namely Consumer, Technology and Regions. Yahoo reported a 28 percent increase in profit in its first quarter reports giving hope to the struggling Internet search engine giant.
1. Google ‘did nothing wrong,’ Page testifies in patents trial
The landmark tech battle between Google and Oracle began with Google CEO Larry Page taking the witness stand to fight off allegations that Google stole Java software technology from Oracle. CEO Page told the jury that the company had done nothing wrong and acknowledged using Java to develop Android without taking the license. Reportedly, the usually self-assured CEO Larry Page looked uncomfortable on the witness stand on Wednesday.