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Biz Stone not looking to sell Twitter
When you’re co-founder of one of the hottest companies on the Internet dealing with acquisition rumors is a constant part of the job, but on Thursday Twitter’s Biz Stone sought to put an end to the persistent talk that he wants to sell the company. Stone said Twitter is not interested in being acquired by a bigger company. Twitter remains a private company and so far has shown little interest in seeking funds from the stock market, despite its inability to generate any significant revenue. The company was recently reported to be near a new round of financing from a group of investors that valued the micro-blogging service at around US$1 billion.
VoIP thief to face charges
A Miami man who for three years had evaded prosecution in connection with the theft and reselling of VoIP services is being extradited to Newark from Mexico today and is set to be arraigned in a New Jersey federal courthouse on Friday. Edwin Pena, 26, had been arrested in June, 2006, on multiple computer and wire fraud charges, and then allegedly fled the country about two months later. He had been free on $100,000 bail. Pena was apprehended in Mexico in February and federal prosecutors have been working to get him extradited back to the U.S. since then.
AMD improves earnings outlook
Advanced Micro Devices on Thursday narrowed its net loss during the third quarter of 2009 as the company inches closer to profitability. The company reported a loss of US$128 million for the quarter ended Sept. 26. The loss is lower than the $134 million the company reported in the third quarter of 2008. The company saw strong demand for its processors and graphics chips during the third quarter, said Dirk Meyer, AMD’s president and CEO, in a statement. Microprocessor and graphics unit shipments grew compared to the second quarter.
IBM revenue drops, future prospects raised
Citing improved profit margins and a stabilizing IT spending environment, IBM revised its 2009 earnings estimates upward Thursday, even as the company’s revenue dropped. Revenue was US$23.6 billion for the company’s third quarter, ended Sept. 30. That’s down 7 percent year-over-year, but ahead of analyst expectations, according to those polled by Thomson Reuters. IBM said it is operating as a more profitable company but revenue in the company’s enterprise product lines was down, reflecting the conservative IT spending patterns that have gone hand-in-hand with the global recession.