Microsoft sells feature phone unit for $350 million

Microsoft Corp. is selling its entry-level feature phone assets to FIH Mobile and HMD Global for $350 million, the U.S. tech giant said early Wednesday. As part of the deal, FIH Mobile — a subsidiary of Hon Hai/Foxconn Technology Co. — will also buy Microsoft Mobile Vietnam, which is the company’s manufacturing facility in Hanoi. Microsoft said about 4,500 workers will transfer to FIH Mobile or HMG Global.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

From:: Stock Market News

Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

From:: Stock Market News

Leave a Reply Cancel reply