Electronics, Quarterly Earnings | featured news

Apple Inc stunned Wall Street by reporting results that missed expectations for the first time in years, blaming rumors of the new iPhone for hurting demand in the September quarter.

Research In Motion shares were sharply lower Friday, after the company issued a steep first-quarter earnings warning late Thursday, heightening fears that the BlackBerry maker is buckling amid competition from Apple and Google.

Motorola Mobility this afternoon posted better-than-expected Q1 results. For the quarter, the company reported revenue of $3 billion and a non-GAAP loss of 8 cents a share; the Street had expected $2.84 billion and a loss of 12 cents a share. The company said it sold 9.3 million mobile devices in the quarter, including 4.1 million smart phones, and more than 250,000 tablets. Revenues were up 22% from a year ago.

Verizon reported on Thursday that it activated 2.2 million iPhones during its first fiscal quarter for 2011. The cell service provider revealed the information as part of its quarterly earnings report, a day after Apple and AT&T shared their quarterly earnings data.

Apple receives vote of confidence as analysts raise their price target for the company's shares a day after it unveils record profits and revenues.

Motorola's mobile phone division reports a quarterly profit for the first time in more than three years.

Best Buy's earnings jumped 61% as the retailer rebounded from a weakened year-earlier quarter on higher revenue and margins.

Apple on Tuesday reported a $3.25 billion profit for its fiscal third quarter of 2010.