At The Motley Fool, we know our readers like to be informed. We have scouted out today's most relevant news items and brought them to you all in one page. We hope you find this midday edition informative and useful.
Windows losing its touch
Despite reporting a 30% increase in profit, Microsoft (Nasdaq: MSFT ) is faced with a challenge. Its Windows operating system sales eroded for the second quarter in a row. The company showed mixed results, with increasing sales in the Xbox360 and products for business customers. Net income was $5.87 billion up from $4.52 billion for the same period last year. But sales in the software department fell by 1% mainly because of a higher demand in tablets. Most tablets run on the Apple operating system or on Google's Android, but few manufacturers have approached Microsoft to use their software in tablet products.
Executives have said they will give more details of an improved version of Windows for tablets at their developers' conference. The company has also faced challenges with the sales of their smartphone platform Windows Phone 7 despite a partnership with Nokia (NYSE: NOK ) . Read more at The New York Times.
Google+'s conquest is on full speed
After two failed attempts at a social network, Google (Nasdaq: GOOG ) seems to have found exactly what users want. Three weeks after the introduction of Google+, it has already amassed 20 million users, according to comScore. Though there is no data on how many minutes users spend on Google+, the growth is especially surprising considering the service is still working on an invitation-only base. Google hopes to compete with Facebook and Twitter with this new product as it helps build a giant advertising base through information provided by its users. The bulk of the accounts are still in the U.S. with 5.31 million followed by India with 2.85 million. Read more at The Wall Street Journal.
Apple looking at Hulu
With a hefty hoard of cash, $76.2 billion to be exact, Apple (Nasdaq: AAPL ) has its eye on Hulu. Sources have said the company may put in an offer for the online streaming website. Though the technology giant steers clear of big acquisitions, its last one being a $2.6 billion acquisition of Nortel Networks, sources say the company may look into expanding its streaming business.
The possible acquisition could push Apple in to the market held largely by Netflix (Nasdaq: NFLX ) and might create some risk. Currently, Apple rents movies for $0.99 ($4.99 for high definition). Read more at Bloomberg.
Greece in temporary default, Fitch says
Rating agency Fitch has declared Greece under temporary default after the talks of a second bailout. But the agency announced that it sees Greece in a better position to tackle its mountain of debt. The state of default was considered mainly because of the involvement of the private sector, Reuters reported. Under the bailout, banks and insurers will swap their Greek bonds for longer maturities at lower rates.
European banks supporting the bailout and with the most exposure include Deutsche Bank (NYSE: DB ) and BNP Paribas. Though the default will only last a couple of days, leaders are still unsure whether the crisis will spread to Ireland and Portugal since a eurozone recue fund was not approved. Read more at Reuters.
Pandora on a rocky road
One of the hottest IPOs of the year is already facing problems. Pandora Media (NYSE: P ) debuted in the market on June 15 without being profitable and accumulating $92 million in losses since 2000. Now, the company announced it is having trouble finding advertisers to fill all the space in its mobile listening. This raises concerns on whether it will be able to become profitable. Pandora lacks the advertising power to sell ads locally. Read more at Bloomberg.
So there you have it, the top financial stories for this afternoon. Check Fool.com throughout the day for commentary on these and other stories. Also, follow us on Twitter, on Facebook, or through our email digests.
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