Wall street beat: tech earnings continue to be mixed - China Military Pontoon Bridge

It was Yelp's first quarter as apublic company. The company's net loss increased year-over-year to$9.8 million, from $2.8 million, but increasing costs have beenexpected as the company ramps up research, development andmarketing expenses. In the chip sector, Broadcom on Tuesday reported first-quarterrevenue of $1.83 billion, up 0.4 percent from a year earlier. Netincome plunged year-over-year to $88 million from $254 million.However, market watchers were expecting a tough quarter for thechip industry, and Broadcom ended up exceeding analystexpectations.

With its focus on semiconductors for mobile devices, Broadcom is ina good position, according to Canaccord Genuity technology analystBobby Burleson, who reiterated his "buy" rating on the company. "In our view, investors should own Broadcom ahead of astrengthening ramp for Mobile & Wireless in the H2 as headwindsfrom 2G ease and customers introduce new products (iPhone5,additional entry-level smartphones using platform solution),"Burleson wrote in a research note. For the long term, the smartphone market will drive growth formobile devices, according to a report issued by Ovum Thursday.Smartphone shipments will increase at a compound annual growth rateof 24.9 percent to reach 1.7 billion units in 2017, Ovum said. "Android will dominate the smartphone market over the next fiveyears," said Adam Leach, principal analyst at Ovum.

"While Applehas defined the smartphone market since it introduced the iPhone in2007, we're now seeing a sharp rise in the shipment volumes ofAndroid, signaling its appeal to leading handset manufacturers." In the short term, the hardware and components sector is recoveringfrom, among other things, floods in Thailand that crippledcomponent supplies for the hardware market last quarter. The Semiconductor Industry Association (SIA) this week said thatworldwide sales of semiconductors were $23.3 billion for the monthof March 2012, a 1.5 percent increase from the prior month. Still, sales in March were down 7.9 percent from March 2011, theSIA said. Despite the month-to-month recovery in sales, thereremain big questions about the economy that may affect the tech asa whole.

"We are encouraged to see that sequential growth resumed across allregions, especially in Europe and Japan, in March," said BrianToohey, SIA president, in the report. "We look for seasonalmoderate growth to continue in the second quarter and buildmomentum as 2012 progresses. However, while forecasts for globaleconomic growth are improving, macroeconomic and geopoliticaluncertainties remain." Friday morning, the U.S. Department of Labor reported that 115,000jobs were created last month, short of forecasts for 165,000. Theunemployment rate fell to 8.1 percent from 8.2 percent in March,but analysts said the statistical decline must have been caused bypeople giving up looking for work.

The report sparked a decline in U.S. markets Friday morning. Thebroad Standard and Poor's 500 index declined 20.11 points to1,371.46. The tech sector was not immune to concerns about theeconomy, with the Nasdaq index for computer stocks dropping 33.56points to 1611.96.

Nasdaq computer stocks are still up by about 20percent for the year, however. Next week, all eyes will be onnetworking giant Cisco, one of the main IT bellwethers.

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