Apple Inc results fell short of Wall Street's lofty expectations as a sagging European economy and a pause in iPhone sales ahead of a new version saw revenues slip from the previous quarter.
Shares fell more than 5 percent to $570.81 in late trade after the world's most valuable technology company - which beats expectations with near regularity - reported its second quarterly miss in less than a year.
Apple's suppliers also felt the pain. Shares of LG Display, Toshiba and Hon Hai sank between 5 and 7 percent.
Texas Instruments Inc's second-quarter profit beat Wall Street expectations but the company warned that its third-quarter revenue would be weaker than usual for this time of year as customers are cautious due to global economic uncertainties.
Shares of TI, which makes chips for a wide range of products such as cellphones and industrial equipment, fell 1 percent in extended trade after it said Monday that orders weakened in June and that its backlog for shipments due in September is also lighter than expected.
Network equipment maker Cisco Systems said on Monday that it plans to cut about 1,300 jobs as part of ongoing efforts to restructure the company.
"We are performing a focused set of limited restructurings that will collectively impact approximately 2 percent of our global employee population," the company said in an emailed statement.
These actions are part of a continuous process to simplify the company and assess the economic environment in certain parts of the world, it said.
Weakness in Verizon Communications Inc's enterprise business offset a better-than-expected wireless quarter, sending the telephone company's shares down 2.9 percent.
After pushing Verizon's shares up 14 percent so far this year, investors focused in on the wireline miss on Thursday even as Verizon handily beat Wall Street estimates for wireless subscriber growth and profitability.
While earnings per share (EPS) met Wall Street expectations for the quarter, analyst said that wasn't enough.
Analysts cut their price targets on Nokia to little more than the value of its cash and patents on Friday as hopes fade that phones using new Microsoft software can revive the ailing mobile company anytime soon.
The launch of new Lumia smartphones, expected to start in September, has turned into a make-or-break event for Nokia boss Stephen Elop, the architect of a tie-up with Microsoft which has so far done little to resurrect the firm's challenge to the dominance of Apple's iPhone and Samsung's Galaxy models.
Wataniya, Kuwait's No. 2 telecoms operator, reported a 49 percent drop in second-quarter profit on Monday, hit by foreign exchange losses from its Algeria unit and increased domestic competition.
Net profit at the firm, a subsidiary of Qatar Telecom (Qtel) , was 19.1 million dinars ($67.83 million) in the three months to June 30, down from 37.3 million dinars in the same period last year, a company statement said.
The company had 18.3 million customers as of June 30, up 8.3 percent from a year ago.
The world's leading mobile telecoms equipment manufacturer Ericsson was hit by a sharp drop in sales of networks in the second quarter as carriers cut spending in the face of a global slowdown.
Makers of network hardware, such as radio base stations, face lean times as major economies weaken, hitting telecoms operators' revenues, and a decade-long price war continues to rage. Ericsson (Stockholm, Sweden) rivals Alcatel-Lucent (Paris) and Chinese group ZTE (Shenzhen, P.R.C.) have both issued profit warnings in the past week.
Network equipment makers have been facing slowing demand for their products as telecom carrier customers cut spending amid a sluggish U.S. economy and weakness in Europe. This hold true for both Acme Packet and Adtran, who reported shares at their lowest in two years, while Calix reported that shares have dived to their lowest ever.
TMT Finance & Investment India makes its debut in Mumbai on October 18 in response to overwhelming demand from the local, regional and international telecom and finance community.
The world's largest mobile phone company, Vodafone Group, has shaved $1.5 billion, and possibly more, off the taxes its UK operating unit might have paid in the past decade, thanks to accounting factors not seen at other European units.