A round-up of today's other stories in brief...
Dismal Cisco outlook stuns investors
Cisco Systems gave a dismal revenue outlook when it announced its first quarter results on Wednesday night, stunning investors who had hoped for proof of a recovery in technology spending, and sending major tech stocks falling.
Cisco shares tumbled 13 per cent after-hours. Revenue in the quarter rose 19 per cent from a year earlier to $10.75 billion (€7.86 billion), roughly in line with forecasts. Orders in the quarter, an indicator of future sales, were lower than initial estimates by over $500 million. – (Reuters)
Cloudium in deal with Microsoft to license RemoteFX technology
Cloudium, the Irish firm developing devices that enable applications to be accessed over the web and replace PCs, has announced a major partnership with Microsoft.
Cloudium will license Microsoft’s RemoteFX technology for its VCA2000 product line, which begins shipping early in 2011. Cloudium has developed software and microprocessors that enable applications to be run from the cloud using a low-energy, low-cost thin client device. Chief executive John Hickey said Cloudium, which employs 14 staff and plans to add another 25 jobs in the next three years, had raised “a couple of million US dollars” from Powerscourt Capital, Enterprise Ireland and private investors since it was founded.
€18m revenue for Newbay Software
Revenues at Newbay Software grew to €18 million from €15.8 million during 2009, but the pre-tax loss reported by the firm rose from €1.8 million to €2.7 million.
Recently filed accounts show it also raised €3 million in venture debt financing from Silicon Valley Bank and Creos Capital in May.
Newbay’s products are bought by telecom operators who use it to offer social media capabilities to their customers. Services powered by its software are now available to 320 million subscribers.
The average number of people employed in 2009 was 179, up from 161 the previous year.
Newbay is headquartered in Dublin, but has offices in Europe and the US.
