Apple's fiscal first-quarter net income rose 1.9% on strong iPod sales, but the company predicted fiscal second-quarter results will be below Wall Street's expectations.

Ericsson, the world's largest telecom equipment manufacturer, has reported a 31% drop in fourth-quarter net profit, hit by a lower gross margin and restructuring costs, and said it would cut 5,000 jobs.

Flextronics, a contract manufacturer that supplies about 75% of Nortel's finished product around the world, warned last week it is working to reduce its exposure to the Toronto-based company after Nortel filed for court protection from creditors.

Samsung Electronics on Friday streamlined its businesses into two major groups, joining its chip and LCD units and combining its telecom and media divisions.

Yahoo will pay new CEO Carol Bartz at least US$19 million in cash and stock during her first year on the job and top it off with an incentive package likely to yield a huge windfall if she can turn around the long-struggling Internet company.

The Sony PlayStation 2 debuted in 2000, before the beginning of the Bush administration, when Google Inc. was still a private search startup and the iPod and Windows XP hadn't been born. Yet despite its age in a business obsessed with the new, the video game console remains a big seller today. In fact, Sony Corp. announced Tuesday that it has sold 50 million PlayStation 2 units in North America.

Apple CEO Steve Jobs said Wednesday he will take a leave of absence from the computer and music-player maker because of health issues. Apple shares fell 8% to $78.40 in after-hours trading. They were halted after closing down $2.38 to $85.33 in Wednesday regular-hours trading.

Nortel Networks Corp, North America's biggest telephone equipment maker, filed for bankruptcy on Wednesday, hoping to save a once highflying business whose decade-long decline has accelerated with the global economic crisis.

Nearly 1,500 CEOs left their jobs last year, including 221 in the technology and telecommunications sector, according to Challenger, Gray & Christmas Inc.

Gartner is canceling two of its biggest technology conferences due to the economic downturn. "As a result of this review, we have decided to cancel this year's Spring Symposium/ITxpo in Las Vegas and Barcelona. While a number of factors influenced this decision, the primary reason for the change is the current macro economic environment and its anticipated impact on attendee travel and overall event attendance," Gartner said in the statement.

Yahoo announced Tuesday that it had hired veteran technology executive Carol Bartz as its new CEO. Separately, Yahoo said President Sue Decker will resign after a transitional period.