Yahoo Inc said it would cut 5 per cent of its global workforce (nearly 700 jobs) and reported quarterly results that showed progress towards controlling costs, sending shares higher in an after-hours relief rally.
The Internet company said economic conditions remained challenging, as revenue on Yahoo Websites from both display ads and search ads fell during the first quarter.
But the decline in revenue was offset by better cost controls, as new Chief Executive Carol Bartz seeks to revive Yahoo's fortunes. "People were really looking at the profit structure of the business and for things not to be falling apart," said Kaufman Brothers analyst Jason Avilio.
Yahoo said last October it would cut about one-tenth of its workforce, or about 1,600 jobs. The company finished 2008 with roughly 13,600 employees and said it would take severance charges from the new round of layoffs during the second quarter.
The company also announced in an internal memo to employees on Tuesday that it planned to implement a mandatory shutdown of operations during the holiday week of December 25, 2009 through January 1, 2010.
Yahoo said its operating cash flow, excluding certain items, was $409 million in the first quarter, at the high end of the $365 million to $415 million range it forecast in January.
Yahoo shares were up 54 cents at $14.92 in after-hours trading on Tuesday. The company's stock is up roughly 9 per cent from its Monday close of $13.66.
Yahoo's financial report comes as speculation has mounted that the firm has restarted discussions with software giant Microsoft Corp about an Internet search partnership, following last year's failed merger negotiations.
Bartz, who replaced Yahoo co-founder Jerry Yang in the top job in January, declined to comment on anything related to Microsoft during the conference call on Tuesday.
But she reiterated her belief that search is a very valuable part of Yahoo's business.
"I'm well-versed enough in the search business at Yahoo to say it's absolutely critical to Yahoo," Bartz said in response to a question regarding whether she is now familiar enough with the business to respond to an offer for search.
In the first full quarter under Bartz's leadership, Yahoo generated revenue of $1.58 billion, down 13 per cent from the year-ago period. Exclud
ing traffic acquisition costs (TAC), Yahoo's revenue was $1.16 billion, compared with the average analyst expectation of $1.2 billion, according to Reuters Estimates.
The Sunnyvale, California-based company reported a net profit in the first quarter of $118 million, or 8 cents a share -- down from $537 million, or 37 cents a share, a year earlier. Wall Street analysts, on average, had forecast earnings at 8 cents a share, according to Reuters Estimates.
While revenues were "a bit light," Jefferies & Co analyst Youssef Squali said in an email that Yahoo's overall results, particularly on the bottom line, were not bad given the environment.
Yahoo said that revenue from display ads on its owned and operated websites slid 13 per cent year-over-year in the first quarter, with revenue from automotive advertisers down "substantially" and spending by retail advertisers "softened" compared to the year ago period.
Revenue from search-based ads on Yahoo sites were down 3 per cent. And Yahoo said that advertisers were spending less money to bid for the individual keywords that their ads appear alongside, echoing a theme present in results last week from Google Inc, the No.1 US Internet search company.
Yahoo, like Google, stressed the importance of keeping costs in line amid the difficult economy. The new round of job cuts come about two months after Bartz announced a reorganization of Yahoo's internal management structure.
The layoffs, said Bartz, are a "natural outgrowth" of the reorganization, which will allow Yahoo to streamline its operations and eliminate duplication of efforts.
The Internet company said it would also continue to implement unspecified "non-headcount cost reductions," so it can increase its ability to make strategic investments and target hiring in its core operations
"It's crucial that management adjusts the cost structure to the new growth (or lack thereof) realities; so margin protection is paramount to Yahoo right now," said Jefferies analyst Squali. "We think there is potential outperformance on margins."
Chief Financial Officer Blake Jorgensen told Reuters there were "still very dark clouds on the horizon" for the economy.
"I'll try to resist calling the bottom in any way," he said in a telephone interview.
Yahoo projected that sales in the current quarter would range between $1.425 billion and $1.625 billion.
Agencies
Saturday, April 25, 2009
Has Conficker attacked thousands of PCs globally?
A malicious software programme known as Conficker that many feared would wreak havoc on April 1 is slowly being activated, weeks after being dismissed as a false alarm, security experts said.
Conficker, also known as Downadup or Kido, is quietly turning thousands of personal computers into servers of e-mail spam and installing spyware, they said.
The worm started spreading late last year, infecting millions of computers and turning them into "slaves" that respond to commands sent from a remote server that effectively controls an army of computers known as a botnet.
Its unidentified creators started using those machines for criminal purposes in recent weeks by loading more malicious software onto a small percentage of computers under their control, said Vincent Weafer, a vice president with Symantec Security Response, the research arm of the world's largest security software maker, Symantec Corp.
"Expect this to be long-term, slowly changing," he said of the worm. "It's not going to be fast, aggressive."
Conficker installs a second virus, known as Waledac, that sends out e-mail spam without knowledge of the PC's owner, along with a fake anti-spyware program, Weafer said. The Waledac virus recruits the PCs into a second botnet that has existed for several years and specializes in distributing e-mail spam.
"This is probably one of the most sophisticated botnets on the planet. The guys behind this are very professional. They absolutely know what they are doing," said Paul Ferguson, a senior researcher with Trend Micro Inc, the world's third-largest security software maker.
He said Conficker's authors likely installed a spam engine and another malicious software program on tens of thousands of computers since April 7.
He said the worm will stop distributing the software on infected PCs on May 3 but more attacks will likely follow. "We expect to see a differen
t component or a whole new twist to the way this botnet does business," said Ferguson, a member of The Conficker Working Group, an international alliance of companies fighting the worm.
Researchers had feared the network controlled by the Conficker worm might be deployed on April 1 since the worm surfaced last year because it was programmed to increase communication attempts from that date. The security industry formed the task force to fight the worm, bringing widespread attention that experts said robably scared off the criminals who command the slave computers.
The task force initially thwarted the worm using the Internet's traffic control system to block access to servers that control the slave computers. Viruses that turn PCs into slaves exploit weaknesses in Microsoft's Windows operating system. The Conficker worm is especially tricky because it can evade corporate firewalls by passing from an infected machine onto a USB memory stick, then onto another PC.
The Conficker botnet is one of many such networks controlled by syndicates that authorities believe are based in eastern Europe, Southeast Asia, China and Latin America.
Agencies
Conficker, also known as Downadup or Kido, is quietly turning thousands of personal computers into servers of e-mail spam and installing spyware, they said.
The worm started spreading late last year, infecting millions of computers and turning them into "slaves" that respond to commands sent from a remote server that effectively controls an army of computers known as a botnet.
Its unidentified creators started using those machines for criminal purposes in recent weeks by loading more malicious software onto a small percentage of computers under their control, said Vincent Weafer, a vice president with Symantec Security Response, the research arm of the world's largest security software maker, Symantec Corp.
"Expect this to be long-term, slowly changing," he said of the worm. "It's not going to be fast, aggressive."
Conficker installs a second virus, known as Waledac, that sends out e-mail spam without knowledge of the PC's owner, along with a fake anti-spyware program, Weafer said. The Waledac virus recruits the PCs into a second botnet that has existed for several years and specializes in distributing e-mail spam.
"This is probably one of the most sophisticated botnets on the planet. The guys behind this are very professional. They absolutely know what they are doing," said Paul Ferguson, a senior researcher with Trend Micro Inc, the world's third-largest security software maker.
He said Conficker's authors likely installed a spam engine and another malicious software program on tens of thousands of computers since April 7.
He said the worm will stop distributing the software on infected PCs on May 3 but more attacks will likely follow. "We expect to see a differen
t component or a whole new twist to the way this botnet does business," said Ferguson, a member of The Conficker Working Group, an international alliance of companies fighting the worm.
Researchers had feared the network controlled by the Conficker worm might be deployed on April 1 since the worm surfaced last year because it was programmed to increase communication attempts from that date. The security industry formed the task force to fight the worm, bringing widespread attention that experts said robably scared off the criminals who command the slave computers.
The task force initially thwarted the worm using the Internet's traffic control system to block access to servers that control the slave computers. Viruses that turn PCs into slaves exploit weaknesses in Microsoft's Windows operating system. The Conficker worm is especially tricky because it can evade corporate firewalls by passing from an infected machine onto a USB memory stick, then onto another PC.
The Conficker botnet is one of many such networks controlled by syndicates that authorities believe are based in eastern Europe, Southeast Asia, China and Latin America.
Agencies
Friday, April 24, 2009
Does cost cuts help tech giants ride out weak economy?
A solid crop of earnings reports from the leading lights of technology suggests the sector is proving adept at cost cuts and more resilient to the economic meltdown than previously thought.
While executives from Apple Inc, Google Inc, IBM and Intel Corp were almost uniformly cautious in talking about the rest of the year, they all reported quarterly profits that beat Wall Street expectations.
Microsoft Corp's earnings on Thursday were in line with forecasts, but investors sent its shares higher in part because of cost cuts that the world's largest software maker is undertaking to protect its bottom line.
With corporate and consumer spending under pressure, analysts say many tech companies moved swiftly to slash jobs and output- positioning themselves for growth when a bottom is reached, which some say may have happened already.
"It does look like tech might very well lead us out of the recessionary market," said Enderle Group analyst Rob Enderle. "They are structured to respond more quickly and they've demonstrated they can."
Although the results were not necessarily strong on a historical basis and the outlook for the economy remains extremely uncertain, analysts see positive signs for the sector.
Technology shares have been surging, with the Morgan Stanley Hi-Tech index of major tech stocks up more than 30 per cent since early March.
While a rally may prove difficult to sustain, analysts say the prospects are better for an IT recovery because tech products and services are integral to the day-to-day functioning of the global economy and people's lives.
"Everybody's taking big cuts in their budgets, but a lot of tech spend is not so variable," said M Eric Johnson, director of the Center for Digital Strategies at the Tuck School of Business at Dartmouth. "A lot of their spending needs to and has to occur even in a downturn."
He said the recession in some ways has benefited information technology service providers like IBM, as corporations have moved to outsourcing.
IBM reported an 11 per cent drop in revenue, which was weaker than expected, but higher margins helped its profit beat analysts' forecasts.
There were other encouraging signals in major tech earnings reports. Apple's earnings topped Wall Street forecasts as consumers showed they were still willing to spend on premium devices such as iPhones and iPods even in a tough economy.
Google's and Intel's results also beat expectations, thanks to cost discipline. Intel Chief Executive Paul Otellini declared the worst is over for the PC market, a message echoed by disk drive maker Seagate Technology, but Microsoft Chief Financial Officer Chris Liddell said he saw no sign the bottom had been reached.
Positive signs also emerged from earnings reports from chipmaker Texas Instruments and flash memory maker SanDisk.
"Things at least seem to have stopped falling," said Barry Jaruzelski, a partner at consulting firm Booz & Co He said the key is in how enterprise IT spending plays out.
"It looks like we've found the reset level...The thing IT has going for it is it's often an enabler for cost reductions."
Agencies
While executives from Apple Inc, Google Inc, IBM and Intel Corp were almost uniformly cautious in talking about the rest of the year, they all reported quarterly profits that beat Wall Street expectations.
Microsoft Corp's earnings on Thursday were in line with forecasts, but investors sent its shares higher in part because of cost cuts that the world's largest software maker is undertaking to protect its bottom line.
With corporate and consumer spending under pressure, analysts say many tech companies moved swiftly to slash jobs and output- positioning themselves for growth when a bottom is reached, which some say may have happened already.
"It does look like tech might very well lead us out of the recessionary market," said Enderle Group analyst Rob Enderle. "They are structured to respond more quickly and they've demonstrated they can."
Although the results were not necessarily strong on a historical basis and the outlook for the economy remains extremely uncertain, analysts see positive signs for the sector.
Technology shares have been surging, with the Morgan Stanley Hi-Tech index of major tech stocks up more than 30 per cent since early March.
While a rally may prove difficult to sustain, analysts say the prospects are better for an IT recovery because tech products and services are integral to the day-to-day functioning of the global economy and people's lives.
"Everybody's taking big cuts in their budgets, but a lot of tech spend is not so variable," said M Eric Johnson, director of the Center for Digital Strategies at the Tuck School of Business at Dartmouth. "A lot of their spending needs to and has to occur even in a downturn."
He said the recession in some ways has benefited information technology service providers like IBM, as corporations have moved to outsourcing.
IBM reported an 11 per cent drop in revenue, which was weaker than expected, but higher margins helped its profit beat analysts' forecasts.
There were other encouraging signals in major tech earnings reports. Apple's earnings topped Wall Street forecasts as consumers showed they were still willing to spend on premium devices such as iPhones and iPods even in a tough economy.
Google's and Intel's results also beat expectations, thanks to cost discipline. Intel Chief Executive Paul Otellini declared the worst is over for the PC market, a message echoed by disk drive maker Seagate Technology, but Microsoft Chief Financial Officer Chris Liddell said he saw no sign the bottom had been reached.
Positive signs also emerged from earnings reports from chipmaker Texas Instruments and flash memory maker SanDisk.
"Things at least seem to have stopped falling," said Barry Jaruzelski, a partner at consulting firm Booz & Co He said the key is in how enterprise IT spending plays out.
"It looks like we've found the reset level...The thing IT has going for it is it's often an enabler for cost reductions."
Agencies
The rise and fall of oil prices since 2008
Oil prices have steadied at around $50 a barrel this month as markets begin to find their equilibrium after a dramatic spike to nearly $150 in the first half of last year gave way to an unprecedented collapse to near $30.
Asian energy ministers and their Middle East counterparts meet in Tokyo on Sunday to discuss the outlook for prices.
Here is a brief timeline charting the price highs and lows since January 2008.
Jan 2, 2008: US crude briefly breaks the $100 barrier for the first time on the first trading day of 2008. Prices rise fairly steadily through the first half of the year.
March 5: Despite new record price highs of over $104 a barrel, Organisation of the Petroleum Exporting Countries (OPEC), which pumps more than a third of the world's oil, says it will not put more oil on the market. It says there is enough oil, and blames US economic "mismanagement" for global prices.
June 6: Prices surge $11 to a record high near $139 a barrel on a slumping dollar and mounting tensions in the Middle East. Soaring crude leads a frenzied broad-based commodity rally on US grains and oilseed futures markets.
June 7: Average retail price for regular gasoline tops $4 a gallon for the first time in the United States.
July 11: Oil peaks at $147.50 for Brent and $147.27 for US crude.
July 15: A sell-off begins after remarks by Federal Reserve Chairman Ben Bernanke indicating a significant fall in demand in the United States, the world's top consumer.
July 18: Oil prices drop by more than $18 from a week ago to $128.88 per barrel. The price fall is triggered by a 3 million barrel increase in US crude stocks and falling US demand.
Aug 15: Prices continue sharp decline, falling to around $110 a barrel for Brent crude.
Sept 15: Prices below $100 a barrel for first time since March 4, and still falling.
Sept 22: Oil spikes $16 in biggest one-day gain on record. Prices pop over $120 a barrel, extending a climb from a low near $90 the previous week after the United States unveils a sweeping rescue plan for its battered financial sector.
But soon after, oil prices begin a heavy slide. Nov 21: National average price of regular gasoline falls below $2 a gallon for first time since March 2005 - dropping 3.1 cents to $1.989.
Dec 19: Oil drops below $34 a barrel - charting about a 75 per cent loss of value since July.
Jan 2, 2009: Oil falls more than $3 on first day of trading, with US crude at $41.25 a barrel and Brent at $42.18.
April 24: US crude just below $50 a barrel, Brent just above at $50.29.
Agencies
Asian energy ministers and their Middle East counterparts meet in Tokyo on Sunday to discuss the outlook for prices.
Here is a brief timeline charting the price highs and lows since January 2008.
Jan 2, 2008: US crude briefly breaks the $100 barrier for the first time on the first trading day of 2008. Prices rise fairly steadily through the first half of the year.
March 5: Despite new record price highs of over $104 a barrel, Organisation of the Petroleum Exporting Countries (OPEC), which pumps more than a third of the world's oil, says it will not put more oil on the market. It says there is enough oil, and blames US economic "mismanagement" for global prices.
June 6: Prices surge $11 to a record high near $139 a barrel on a slumping dollar and mounting tensions in the Middle East. Soaring crude leads a frenzied broad-based commodity rally on US grains and oilseed futures markets.
June 7: Average retail price for regular gasoline tops $4 a gallon for the first time in the United States.
July 11: Oil peaks at $147.50 for Brent and $147.27 for US crude.
July 15: A sell-off begins after remarks by Federal Reserve Chairman Ben Bernanke indicating a significant fall in demand in the United States, the world's top consumer.
July 18: Oil prices drop by more than $18 from a week ago to $128.88 per barrel. The price fall is triggered by a 3 million barrel increase in US crude stocks and falling US demand.
Aug 15: Prices continue sharp decline, falling to around $110 a barrel for Brent crude.
Sept 15: Prices below $100 a barrel for first time since March 4, and still falling.
Sept 22: Oil spikes $16 in biggest one-day gain on record. Prices pop over $120 a barrel, extending a climb from a low near $90 the previous week after the United States unveils a sweeping rescue plan for its battered financial sector.
But soon after, oil prices begin a heavy slide. Nov 21: National average price of regular gasoline falls below $2 a gallon for first time since March 2005 - dropping 3.1 cents to $1.989.
Dec 19: Oil drops below $34 a barrel - charting about a 75 per cent loss of value since July.
Jan 2, 2009: Oil falls more than $3 on first day of trading, with US crude at $41.25 a barrel and Brent at $42.18.
April 24: US crude just below $50 a barrel, Brent just above at $50.29.
Agencies
Thursday, April 23, 2009
India retains its leadership on global IT export, says World Bank
The World Bank on Wednesday said India leads all countries in exports of information communication technology (ICT) services.
In its latest report 'World Development Indicators 2009', World Bank said India's exports from the ICT sector increased from about $5 billion in 2000 to over $ 30 billion in 2006. This accounts for about 42 per cent of total service exports, it said.
At a time when there is a global recession and hundreds and thousands of people are being laid off, India's software industry employs about 1.6 million people, the report said.
China, though a distant second, is the next largest ICT services trader, with about $5.5 billion in ICT service exports, the report said.
The report said China and India were among the fastest-growing exporters. Export growth was led by manufactures in China and by services in India, it said.
Agencies
In its latest report 'World Development Indicators 2009', World Bank said India's exports from the ICT sector increased from about $5 billion in 2000 to over $ 30 billion in 2006. This accounts for about 42 per cent of total service exports, it said.
At a time when there is a global recession and hundreds and thousands of people are being laid off, India's software industry employs about 1.6 million people, the report said.
China, though a distant second, is the next largest ICT services trader, with about $5.5 billion in ICT service exports, the report said.
The report said China and India were among the fastest-growing exporters. Export growth was led by manufactures in China and by services in India, it said.
Agencies
Buy your software from a cloud to ease your budget
As small and medium businesses in India struggle to stay afloat during the global economic slowdown, they are opting for cheaper computing services, and a Boston-based entrepreneur is here to promote his solution, cloud computing, in which software is shared over a wide network of computers.
Sumeet Sabharwal, senior vice-president of outsourcing and IT hosting firm Navisite Inc, says cloud computing is a viable Internet model for small and medium businesses across India, especially in the technology hubs in and around the capital and in Bangalore.
"The demand for having a reliable hosted infrastructure has increased over the years in India as businesses are shifting to the Internet from off-line facilities. At the same time, users do not want to burden themselves with the cumbersome processes of installations and hardware specifics. They look for solutions that are flexible, to scale and automated from the deployment standpoint, to maximise profit and output," Sabharwal said.
He said cloud computing was "still in a nascent stage in India and users need to be educated. Demand will grow as medium and small business owners realise its financial upside. I think it is the technology of the future for a country like India".
"Cloud computing," explained Sabharwal, a Cornell University alumnus, "is a computer paradigm in which tasks are assigned to a combination of connections. It operates on three basic principles - computer, bandwidth and storage.
"It eliminates the manual tasks of shipping the software to the user and allows users direct access to the software from the net. This network of servers and connections is collectively known as 'the cloud', which is a kind of a platform."
Computing at the scale of the cloud, said Sabharwal, allowed users to access supercomputer-level power. "Using a thin client or other access points like an iPhone, BlackBerry or laptop, users can reach into the cloud for resources they need. For this reason, cloud computing has also been described as on-demand computing."
Cloud computing, where the "intelligent network acts as the supercomputer", is a way to increase network capacity or add capabilities without investing in new infrastructure, new personnel or licensing new software.
"It is a pay-per-use service and cuts business cost by at least 40 percent depending on how the businesses leverage it. At the same time, one can scale up or scale down on the network itself, going by the number of visits to a business site
and its growth," Sabharwal said.
"Clouds are of two types - the public cloud, where infrastructure can be shared horizontally depending on areas and geographies of growth - and large private clouds dedicated to big companies, mostly the independent software vendors
, retail firms and technology providers.
"Cloud Computing," said Sabharwal, "is also the most effective technology for hosted e-mails for medium-sized corporate firms."
Agencies
Sumeet Sabharwal, senior vice-president of outsourcing and IT hosting firm Navisite Inc, says cloud computing is a viable Internet model for small and medium businesses across India, especially in the technology hubs in and around the capital and in Bangalore.
"The demand for having a reliable hosted infrastructure has increased over the years in India as businesses are shifting to the Internet from off-line facilities. At the same time, users do not want to burden themselves with the cumbersome processes of installations and hardware specifics. They look for solutions that are flexible, to scale and automated from the deployment standpoint, to maximise profit and output," Sabharwal said.
He said cloud computing was "still in a nascent stage in India and users need to be educated. Demand will grow as medium and small business owners realise its financial upside. I think it is the technology of the future for a country like India".
"Cloud computing," explained Sabharwal, a Cornell University alumnus, "is a computer paradigm in which tasks are assigned to a combination of connections. It operates on three basic principles - computer, bandwidth and storage.
"It eliminates the manual tasks of shipping the software to the user and allows users direct access to the software from the net. This network of servers and connections is collectively known as 'the cloud', which is a kind of a platform."
Computing at the scale of the cloud, said Sabharwal, allowed users to access supercomputer-level power. "Using a thin client or other access points like an iPhone, BlackBerry or laptop, users can reach into the cloud for resources they need. For this reason, cloud computing has also been described as on-demand computing."
Cloud computing, where the "intelligent network acts as the supercomputer", is a way to increase network capacity or add capabilities without investing in new infrastructure, new personnel or licensing new software.
"It is a pay-per-use service and cuts business cost by at least 40 percent depending on how the businesses leverage it. At the same time, one can scale up or scale down on the network itself, going by the number of visits to a business site
and its growth," Sabharwal said.
"Clouds are of two types - the public cloud, where infrastructure can be shared horizontally depending on areas and geographies of growth - and large private clouds dedicated to big companies, mostly the independent software vendors
, retail firms and technology providers.
"Cloud Computing," said Sabharwal, "is also the most effective technology for hosted e-mails for medium-sized corporate firms."
Agencies
Wipro, HCL unlikely to make any campus offers this fiscal
To save on the cost of training, one of the leading domestic software exporter HCL Technologies said it will hire people 'just in time' of requirement rather than maintaining a bench.
HCL has been following the policy of just in time hiring, which has paid off well for the organisation, HCL Technologies CEO Vineet Nayyar said.
Declining to give a hiring outlook for the year ahead, Nayyar said the firm is unlikely to make campus offers.
"We have hardly made any campus offers... we have moved to the lateral strategy," he added.
Similarly, Suresh Senapaty, CFO of Wipro Ltd said the company will not hold any campus interviews this fiscal but will honour all the commitments made to 7000 fresh graduates last fiscal.
The overall global headcount of the company fell by 992, to 54,026, from December to March. However, the company clarified that it has not laid off any employee.
During the quarter the company has made a gross addition of 2,298 employees. In the BPO services segment, however, the headcount has came down to 11,426 from 12,750 in December.
Commenting on the BPO business, he said the company is trying to move away from voice-based services to platform-based services. So, it is unlikely that the company would make new recruitments for voice-based services.
Agencies
HCL has been following the policy of just in time hiring, which has paid off well for the organisation, HCL Technologies CEO Vineet Nayyar said.
Declining to give a hiring outlook for the year ahead, Nayyar said the firm is unlikely to make campus offers.
"We have hardly made any campus offers... we have moved to the lateral strategy," he added.
Similarly, Suresh Senapaty, CFO of Wipro Ltd said the company will not hold any campus interviews this fiscal but will honour all the commitments made to 7000 fresh graduates last fiscal.
The overall global headcount of the company fell by 992, to 54,026, from December to March. However, the company clarified that it has not laid off any employee.
During the quarter the company has made a gross addition of 2,298 employees. In the BPO services segment, however, the headcount has came down to 11,426 from 12,750 in December.
Commenting on the BPO business, he said the company is trying to move away from voice-based services to platform-based services. So, it is unlikely that the company would make new recruitments for voice-based services.
Agencies
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