Halliburton Company(NYSE:HAL) on Wednesday reported a
12 percent dip in quarterly income lagging analyst forecasts, hit by a decline
in drilling activity and rise in costs at its core North American business.
The Houston energy services company earned $602
million, or 65 cents per share, down from $683 million, or 74 cents per share,
a year ago. Revenue rose 9 percent to $7.11 billion. That was the smallest
year-over-year revenue growth since the first quarter of 2010.
There has been a boom in natural gas production and
that hit the prices of the product. Companies are slowing down production to
match supply with demand and this has resulted in a drop in drilling activity.
Halliburton said that natural gas rig count on land in
North America dropped by 18 percent in the third quarter. Its revenues dipped 5
percent in North America.
Halliburton shares fell 51 cents to $34.05 in morning
trading.
Meanwhile TiVo Inc.(NASDAQ:TIVO) said claimed that it
is entitled to billions of dollars’ worth in damages from Google, if it wins a
patent infringement case against its Motorola Mobility unit.
“Motorola’s massive production of infringing DVRs
dwarfs the numbers of accused products at issue in TiVo’s previous cases,” TiVo
said in a filing in a federal court in Marshall, Texas. “TiVo’s damages claim
is likely to run into the billions of dollars.”
TiVo made the disclosure following a request that it
club the case along with a similar one involving Cisco Systems, to speed up the
trial and conserve resources.
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