updated 09:13 pm EDT, Mon July 9, 2012
Apple keeps $74 billion overseas
According to an analyst at Moody's Investor Services, Apple is at the top of the list of tech companies stashing money overseas. Barrons reported today that Moody's estimates Apple's overseas cash hoard at $74 billion, up from $64 billion last year.
In total, tech companies with $2 billion or more in cash and liquid investments are said to hold $227.5 billion overseas. After Apple, Microsoft was second with $50 billion, then Cisco and Oracle with $42.3 and $25.1 billion, respectively. Excluding Apple, overseas cash holdings grew 15 percent year over year; with Apple, they rose by 31 percent.
AMD lowers Q2 revenue guidance
Advanced Micro Devices lowered the forecast for its second-quarter revenues today, citing underperforming sales in China and Europe. The chip maker also noted insufficient overall demand from consumers. AMD predicted its revenues would fall by 11 percent from the previous quarter, nearly four times larger than its prior estimate of a three percent decline.
Shares in the company fell 5.7 percent to $5.30 in after-hours trading. AMD will give its quarterly financial report on July 19.