In Short

A brief round up of today's other finance stories in brief

Microsoft falls 6% as profit lag forecasts

Microsoft posted a quarterly profit and outlook below Wall Street expectations last night, citing "tough" economic conditions, and its shares fell 6 per cent. The software maker said its current-quarter forecast factors in difficult economic conditions continuing for the remainder of 2008, before some improvement in the first half of 2009.

Microsoft reported a net profit of $4.3 billion (€2.7 billion) in its fiscal fourth quarter ended June, up from a profit of $3.04 billion a year ago. Revenue rose 18 per cent to $15.84 billion. - (Reuters)

Quarterly earnings 22% at IBM

IBM reported a 22 per cent rise in quarterly profit, beating Wall Street targets and raising its 2008 forecast, as emerging markets used its services, software and equipment to expand, and larger countries turned to technology to save money.

The technology giant, which employs over 4,000 people in Ireland, said second-quarter net income rose to $2.77 billion (€1.74 billion), or $1.98 per share, from $2.26 billion, or $1.55 per share, a year earlier.

Revenue rose 13 per cent to $26.8 billion. Currency gains added 7 percentage points to the growth rate, IBM said. - (Reuters)

Shares in Polish AIB subsidiary fall

The Polish subsidiary of Allied Irish Banks, Bank Zachodni WBK SA, saw its shares fall yesterday after Fitch Ratings lowered its debt outlook for the Polish bank and the stock was downgraded by UniCredit SpA.

The move follows a similar cut by Fitch in the outlook for the bank's Irish parent company, which holds a 70.5 per cent stake in Bank Zachodni.

Intel faces new EU antitrust charges

European Union antitrust regulators have made new accusations against chipmaker Intel, saying it paid retailers not to sell PCs using chips made by rival Advanced Micro Devices.

This follows 2007 charges that Intel, the world's biggest microchip producer, gave computer-makers rebates to limit their use of AMD chips or avoid them altogether.

The expansion of the accusation means the European Commission is now weighing charges that Intel illegally fiddled with both the wholesale and retail channels in a bid to suppress its competitor. - (Reuters)

Qantas cuts 1,500 jobs after fuel hikes

Qantas, Australia's national carrier, yesterday said it would cut 1,500 jobs and abandon plans to increase flying capacity as part of a stringent cost-cutting plan aimed at dealing with the impact of record fuel prices. - (Financial Times service)

Google tumbles on weaker profits

Google reported a weaker-than-expected 35 per cent rise in net profit as the company blamed lower returns from managing its huge cash pile rather than softening sales of online advertising.

Shares in the company tumbled 8 per cent to below $500. - (Reuters)

Support for Yahoo board against Icahn

Yahoo yesterday won an important supporter in its fight against activist investor Carl Icahn, as one of the company's biggest shareholders said he expected to back the existing board at the company's annual meeting on August 1st next. - (Financial Times service)