Minding your Ps and HPQsMay 23, 2012: 5:02 PM ET
A whole lot of tech news after hours. A quick recap for you. Pandora reported a smaller-than-expected loss. The online music company also said that revenues topped forecasts. Shares of Pandora (P) surged more than 13% after hours. This is very interesting. The company has been a bit of a disappointment since it went public last year. To be honest, I know more people (me included) who complain about the service than actually claim to like it. I still can't seem to find a way to get Jack Johnson from popping up onto channels ... even obscure ones like The Bad Plus avant garde jazz station. But we all still have the Pandora app on our smartphones. And it seems like Pandora is doing a much better job of generating revenue from mobile so far than another recently public social network firm whose name escapes me. But I think it was started at Yale? Or Dartmouth? (FB)
The big event in tech land though is the fact that the worst kept secret in Silicon Valley was finally confirmed. No, not that Facebook is looking to already ditch the Nasdaq. Oh wait. Apparently that rumor wasn't true. Hewlett-Packard (HPQ) announced a major restructuring. The company said it expected to cut 27,000 jobs by the end of 2014. The good news, if you could say there is any, for HP is that investors actually liked the announcement. Shares surged 10% after hours. It helped that HP's profits and sales topped forecasts ... unlike Dell (DELL). Still, as I wrote in an earlier blog post today, I think Dell and HP are both still in a world of hurt as they continue to try and adapt to the post-PC world we now live in.
Finally, NetApp out Dell-ed Dell Wednesday. The storage company did beat earnings estimates. But guidance was lower than forecasts and that sent investors into a tizzy. NetApp (NTAP) plunged 25% after hours. It looks like rival EMC (EMC) may suffer some collateral damage too. Its stock fell 4% in after hours trading.