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Friday 29th of August 2008
April 27, 2005

Quarterly reports disappoint on Eurofirst


by Brian Turner

Disappointing quarterly earnings reports from the technology and telecommunications sectors was a primary cause in the fall of European share prices by midday on Wednesday.

The FTSE Eurofirst 300 was down 1.1 percent to 1,061.62, while the Xetra Dax in Germany was off 1.4 percent to 4,173.95, and in Paris the CAC-40 fell 1.2 percent to 3,944.28.

In the technology sector, chipmaker STMicroelectronics saw its shares fall 6.3 percent after announcing a first quarter loss of $31 million amid plant closing and weak sales. In the same quarter last year the company had posted a net profit of $77 million.

Other chipmakers also saw the value of their shares fall, with Infineon down 1.2 percent and ASML down 3 percent.

Mobile phone makers didn’t fare much better, as shares in Sweden’s Ericsson fell 2.4 percent and Nokia was down 1.7 percent. In the telecommunications sector, Telenor, the top telecommunications operator in Norway, reported earnings that were lower than expected. This news sent shares in the company down 8.9 percent.

Most other sectors were also down.

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Story link: Quarterly reports disappoint on Eurofirst


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