IT solutions provider NIIT Technologies posted 51.58 per cent decline in net profit for third quarter ended December 31. Its net profit currently stands at Rs 16.8 crore as compared to Rs 34.7 crore for the same quarter last year.

Tight financial conditions and Forex losses due to fluctuations in Dollar and Pound prices impacted its business leading to decline in net profit during the reporting period. The Joint Managing Director and CEO of NIIT Technologies, Arvind Thakur said, "With major economies moving into recession, our immediate focus has been securing future business with our top clients."

NIIT Technologies has announced the results for the three month period ended December 31, 2008.

During its third quarter, the IT services firm has posted a fall of 52% in its consolidated net profit, which stood at Rs 168 million as against Rs 347 million during the corresponding period of the last year.

The company said the decline in net profit was mainly because of currency fluctuations, the dollar’s appreciation against the Indian currency and the weakening of the pound, which shaved Rs 32.8 crore off its net profit.

New York, Jan. 15 : Apple founder and chief executive Steve Jobs is to step down from his front-line role at the consumer technology giant for five months because of health-related problems.

According to the Telegraph, Jobs, 53, fought off pancreatic cancer five years ago.

His decision to lay himself off for five months is likely to rekindle speculation about his likely successor, the paper added.

According to people familiar with the company’s plans, Software giant
Microsoft is mulling over major job cuts across its various sections.

But,
plans for job cuts have not yet been announced, and the company
(Microsoft) could end up discovering suitable methods in order to cover
up costs.

A Microsoft representative declined to comment on hearsays related to job cuts.

During
recent weeks, it had also been rumored that the figure of potential job
cuts is expected to be far less than the 15,000 positions.

By the end of this month, Shortcovers hopes to be turning iPhones into electronic books, which would be done via the launch of a mini-application that allows the users to read books, short stories or other written works on Apple-made smart phones in a direct challenge to electronic book devices sold by Amazon and Sony.

Following when Shortcovers clears Apple's vetting process and makes it to the virtual shelves of iTunes online App Store, Shortcovers software will be available for free download.

The third quarter of 2008 saw worldwide mobile WiMAX infrastructure revenues ramping up as compared to the same quarter the previous year.

The news has been backed up by analyst firm the Dell'Oro Group.  Scott Siegler, senior analyst of mobile infrastructure research at Dell'Oro Group reported, “With LTE still a couple of years away, WiMAX has become the first next-generation technology with commercial service. Mobile WiMAX revenues were very strong in the third quarter of last year, and we anticipate revenue for the fourth quarter to set another record.”