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Posts tagged as “rim”

Tech Firms Facing the Abyss

There seems to be quite a few tech companies in trouble these days. In fact, in an article published yesterday on 24/7 Wall Street, tech firms represent six out of the eight major companies listed as being in troubled financial waters. There aren’t any surprises here for anyone who’s been paying attention, but a year or so ago most of us wouldn’t have suspected that some of these companies would even be capable of falling on hard times.

Topping this list is Best Buy. Although we’ve known for some time that the company is ailing, this is still something of a surprise given the recent history of consumer electronics retailing. After all, it was only a couple of years ago that Best Buy’s main competitor, Circuit City, floated to the surface face down, killed by intense competition from…you guessed it, Best Buy. For the latest quarter, the chain’s net income dropped $77 million from the same quarter last year, from $254 million to $177 million.

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