Hewlett-Packard (HPQ) reported its 11th consecutive quarter of declining revenue yesterday and said it would cut an additional 11,000 to 16,000 jobs. This comes on top of the 34,000 job cuts it had previously announced. HP is trying to restructure and reduce reliance on PC sales, which are declining. Its earnings were in-line with expectations at $0.88 a share. Revenue was down 1% to $27.3 billion, falling just short of Wall Street estimates.
Aeropostale (ARO) forecasted a larger-than-expected loss for the current quarter, after reporting its seventh straight drop in sales in the first quarter. Sales fell 12% from a year ago to nearly $395.9 million. The company reported a loss of $0.52 a share on analysts' expectations of a loss of $0.72 a share. The teen apparel retailer blamed weak mall traffic, heavy discounting and the rough winter.
Barclays (BCS) was fined almost $44 million by British regulators over manipulation of the setting of gold prices. A Barclays trader was accused of manipulating the price of gold and profit at the expense of a customer. This is the first bank to be fined over attempted gold market manipulation.
Google (GOOGL) is developing a new tablet that will have 3D imaging. According to The Wall Street Journal, the company will make 4,000 prototypes of the 7-inch tablet that will have cameras and infrared sensors that could be used to develop a three-dimensional map a user’s surroundings.
Google is moving beyond its search and advertising origins. In January, it bought Nest Labs – maker of Internet-connected thermostats and smoke detectors. In April it announced it was buying drone company Titan Aerospace. And just last week, Google Glass, which previously only had limited availability, went on sale to the general public.
This brings us today's poll question. Is it a good idea for Google to expand into so many other areas beyond search and advertising? Vote in our poll, or leave a comment below or on Twitter.
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