Thousands are lining up all over the world for Apple's (NASDAQ:AAPL) new release of the iPhone 6 and 6 Plus. The record demand for the bigger-screen smartphones has already outstripped supply, with preorders selling out last week.
The two went on sale today in Australia, Hong Kong, Singapore and Japan, before rolling out in France, Germany, Puerto Rico, Canada and the U.S.
The iPhone release is Apple's most important event this year, with the devices generating more than half of the company’s $171B revenue in 2013.
Once their merger officially closes, RF Micro (NASDAQ:RFMD) and TriQuint (NASDAQ:TQNT) will be known as Qorvo, and trade under the symbol QRVO.
The companies (or their marketing departments) claim the new name "conveys the combined company's ability to deliver the core technologies and innovation that will enable customers to launch their next-generation designs even faster."
RF Micro and TriQuint shareholders have already approved the all-stock merger, which will result in each investor base owning about half of the post-merger company.
Tibco (NASDAQ:TIBX) guided on its FQ3 CC for FQ4 revenue of $290M-$305M and EPS of $0.18-$0.24, below a consensus of $313M and $0.32.
The company blames its FQ3 miss on a shift to subscription licensing from up-front payments - Oracle has offered a similar excuse for its near-term issues - and weaker-than-expected European sales. At the same time, Tibco claims it saw "a solid sequential improvement" for sales of its Spotfire analytics/data visualization platform, which had slumped earlier this year.
FQ3 software license revenue -20% Y/Y to $85.9M, with subscription revenue totaling $13.2M; service/maintenance revenue (driven by past deals) +4% to $169.6M.
GAAP sales/marketing spend grew 11% to $93.2M, while R&D spend fell 3% to $41.9M.
As part of its announced plans to cut 18K jobs (14% of its workforce), Microsoft (NASDAQ:MSFT) laid off 2.1K people today. The company also announced it's shutting down a Silicon Valley research lab focused on distributed computing R&D.
A Microsoft spokesperson calls the move a consolidation of the company's West Coast labs. Microsoft currently has a dozen labs worldwide.
While the Nokia phone unit is set to see the brunt of Microsoft's job cuts (~12.5K cuts), some other units are also expected to be hard-hit. Microsoft has already confirmed the closure of its Xbox content studio ops, and is reportedly planning to lay off Windows test engineers as it moves to a faster release cycle.
Red Hat (NYSE:RHT) guides on its FQ2 CC for FQ3 revenue of $449M-$452M and EPS of $0.40, below a consensus of $457.8M and $0.41. FY15 (ends Feb. '15) guidance is healthier: revenue of $1.77B-$1.85B and EPS of $1.53-$1.55 vs. a consensus of $1.78B and $1.54.
The Linux/middleware vendor's deferred revenue balance was up 18% Y/Y at the end of FQ2 to $1.25B; that growth rate is slightly below FQ1's 20%. On the other hand, subscription revenue growth picked up slightly to 19% from 18%.
GAAP sales/marketing spend +20% Y/Y to $174.5M; R&D +22% to $95.3M; G&A +17% to $44.7M. $80M was spent on buybacks, even with FQ1.
Shares went into earnings not far from their 52-week high of $62.69.
Oracle (NYSE:ORCL) guides on its FQ1 CC for FQ2 Y/Y revenue growth of 0%-4%, and EPS of $0.66-$0.70. That's below a consensus for 4.8% growth and EPS of $0.74.
Software/cloud revenue is expected to grow 3%-6% Y/Y vs. 6% in FQ1, and hardware revenue is expected to be flat to down 10%. SaaS/PaaS revenue is expected to grow 39%-44%, and IaaS revenue 40%-44%.
Oracle largely blames the near-term weakness on a transition to cloud subscriptions from up-front licenses, though it also admits execution issues are hurting hardware and services sales. Micros is expected to provide a slight boost to FQ2 results.
SAP is paying $129/share, or an enterprise value of $8.3B, to acquire top cloud travel/expense management software vendor Concur Technologies (NASDAQ:CNQR). The price represents a 20% premium to Concur's Thursday close.
The deal is expected to close in Q4 2014 or Q1 2015, and will be financed using a €7B credit facility. SAP notes Concur claims 23K+ customers and 25M+ active users.
The purchase is the latest in a string of major cloud software acquisitions by SAP, which is counting on cloud growth to offset slumping traditional license sales. Other major cloud-related purchases include SuccessFactors, Ariba, and hybris.
Previous: Concur reportedly approached SAP, Oracle about acquisition
EPIQ has "commenced a process to explore a full range of strategic and financial alternatives, which may include among other things, acquisitions, divestitures or a going-private or recapitalization transaction."
The company has also adopted a poison pill. Its moves come after activist St. Dnis J. Vilere & Co. (16% stake) called on Epiq to put itself on sale.
Shares are halted. They'll resume trading at 5:15PM ET.
Update (6:30PM): Epiq is up just 0.5% AH after resuming trading. Shares had rallied strongly yesterday in response to Vilere & Co.'s move.
Oracle (NYSE:ORCL) has added $13B to its buyback plan; that's good for repurchasing 7% of shares at current levels. As it is, $2B was spent on buybacks in each of the last three quarters.
Software and cloud revenue (76% of total revenue) rose 6% Y/Y in FQ1 to $6.6B, hitting the low end of guidance for 6%-8% growth. However, new software license revenue (pressured by cloud competition) fell 2% to $1.37B.
License update/product support revenue (fairly stable) rose 7% to $4.7B. Cloud app (SaaS) and app platform (PaaS) revenue rose 32% to $337M, towards the high end of guidance for 25%-35% growth. Cloud infrastructure (IaaS) revenue grew 26% to $138M, topping guidance for 10%-20% growth.
Hardware revenue (hurt by UNIX server declines) remains weak, falling 8% to $1.17B; that's soundly below guidance for -1% to +3% growth. Hardware products -14%, support -1%. Services revenue -7% to $855M.
GAAP opex +2% to $5.6B; sales/marketing spend +5% to $1.71B, R&D +7% to $1.32B.
Shares -2.3% AH. CC at 5PM ET, guidance will be provided.
Along with its FQ1 results, Oracle (NYSE:ORCL) announces Larry Ellison is resigning as CEO. President/ex-H-P CEO Mark Hurd and CFO Safra Catz will act as co-CEOs going forward.
Ellison, 69, is taking over the role of chairman from Jeff Henley, who has held it for 10 years, and has also been named CTO. Henley is now vice chairman.
Sales, service, and "vertical industry global business units" will report to Hurd. Manufacturing, finance, and legal teams will report to Katz. Software and hardware engineering teams will continue reporting to Ellison.
Director Michael Boskin: "Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy."
Shares -2.7% AH following the news and Oracle's FQ1 miss.