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Speaking at the South by Southwest Interactive conference in Austin, Texas, Google Inc. (NASD: GOOG) Senior Vice President Sundar Pichai said the company hopes developers will build new apps for more devices than just smartwatches, including apps even for jackets with sensors.
To aid them, Pichai, who is in charge of Google’s Android and Chrome businesses, said the Mountain View, Calif.-based search engine company is releasing special tools for developers over the next several weeks.
Boost Google Use
This is just the latest move by Google to expand its search-engine footprint and increase its advertising dollars beyond smartphones and tablets by promoting its use among new devices such as its new computerized eyewear called Glass. This is a sound strategy, considering the market for wearable computer devices is estimated to grow to $20 billion by 2016, according to HIS.
Sold More Than 1 Million
Meanwhile at the conference, which runs from Mar. 7 to Mar. 17, Pichai revealed that Google has sold more than a million of its Chromecast devices that lets users stream video from a mobile device to their TVs. Pichai added that the device would soon be released internationally, according to Bloomberg.
On Mar.7, GOOG’s share price closed at $1214.79, down $4.82 cents from its closing price of $1219.61 the previous day.
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Echelon Corp Share Price Gains Some Ground
In other news, the networking and computer devices company Echelon Corp.’s (NASDAQ: ELON) share price is steadily recovering ever since it hit its 52-week low of $1.99 a share on Feb. 11.
On Mar. 7, ELON’s share price closed at $3.27, down 4 cents from its closing price of $3.37 the previous day.
The slide began in earnest when the San Jose, Calif.-based company reported its disappointing fourth quarter results Feb. 6.
Fourth-Quarter 2013 Results
Here’s the good, the bad and the ugly:
- Q4 Revenues: $18.1 million
- Q4 GAAP Net Loss: $4.0 million; GAAP Net Loss per Share: $0.09
- Q4 Non-GAAP Net Loss: $3.7 million; Non-GAAP Net Loss per Share: $0.08
- 2013 Revenues: $86.2 million
- 2013 GAAP Net Loss: $17.6 million; GAAP Net Loss per Share: $0.41
- 2013 Non-GAAP Net Loss: $9.1 million; Non-GAAP Net Loss per Share: $0.21
Total revenues for the fourth quarter were $18.1 million, down from $23.8 million in the same period last year. Revenues from Echelon's systems sales, reflecting sales to utility customers, were $5.6 million for the fourth quarter, down from $10.7 million in the same period last year. Revenues from Echelon's sub-systems sales, largely from commercial control system customers, were $12.5 million in the fourth quarter, down from $13.1 million a year ago. Included in sub-systems revenues were $3.2 million of sales to Enel in the fourth quarter compared with $2.9 million in the same period last year.
For the full year of 2013, revenues were $86.2 million compared to $134.0 million in 2012. System revenues decreased 53% to $39.9 million and sub-system revenues declined 5% to $46.3 million. Within system revenues, the non-recurring sales of data concentrators to Enel for the full year were $4.4 million, while sub-systems sales to Enel increased 14% to $7.4 million.
Analysts’ Consensus
The two analysts that cover Echelon one recommends a “buy,” while the other recommends a “hold.
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Uneventful Month for Sirius
Meanwhile, Sirius XM Holdings Inc. (NASDAQ: SIRI) share price has stayed about the same for the last 30 days with little good or bad news being circulated about the company.
Nonetheless, the satellite-radio provider Sirius XM Holdings Inc. (NASDAQ: SIRI) has come a long, long way from the time its share price crashed at 5 cents in February of 2009.
Sirius’ total recovery was evident in its fourth-quarter and full-year 2013 earnings reported on Feb. 4, 2014, but its share price hasn’t gained since it was released.
The company generated record revenue of $1.0 billion and $3.8 billion in the fourth quarter and full-year, respectively, each up 12%. Net income for the fourth quarter and full-year were $65 million and $377 million, respectively, or $0.01 and $0.06 per diluted common share, respectively.
Income from operations was $245 million and $1.0 billion in the fourth quarter and full-year 2013, respectively. Adjusted EBITDA increased 41% in the fourth quarter to a record $326 million. Full-year 2013 adjusted EBITDA was $1.17 billion, an increase of 27% from $920 million in 2012.
Potential Lawsuits Not Hurting SIRI
Despite a myriad of law-firm of Sirius XM for potential stockholder claims as a result of the satellite-radio investigations company’s proposed acquisition by Liberty Media Corp., its stock price is holding its own.
On Jan. 3, 2014, Liberty Media make an offer to buy Sirius for about $10.4 billion at a rate of $3.68 per share. The deal involves creating a new class of stock called Series C, adding 0.076 per share to give the company a total market value of as much as $27 billion.
Although the pending acquisition has triggered a slew of potential stockholder lawsuits, without Liberty Media, Sirius XM might not have been here today.
That’s because in 2009, Liberty Media kept Sirius XM from going bankrupt with a $530 million loan. As a result, Sirius XM has been able to build a subscriber base 25.6 million strong. It’s done so with a line-up of paid-radio choices including classical, rock, alternative, country, sports and live concerts, including the extremely-popular morning man Howard Stern serving as the company’s anchor. Moreover, having new cars equipped with XM receivers has also boosted the company’s popularity and acceptability. However, Sirius XM still faces brutal competition from such digital radio competitors as Pandora Media Inc., AOLRadio and Apple Inc.
On Mar.7, SIRI’s share price closed at $3.51, down 4 cents from its closing price of $3.55 the previous day on volume of 28,312,572 shares.
Find out what could be the best investor’s move when it comes to SIRI by getting the complete report here, or by cutting and pasting the following link in your Web browser:
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