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According to a study by the NPD group, Apple’s iPhone has overthrown Motorola’s RAZR as the most popular selling phone during the third quarter. The iPhone claims the top spot, followed by the RAZR, and smart phone offerings from BlackBerry and LG. Apple has shipped 6.9 million iPhones in the third quarter of 2008 alone.
Circuit City filed for bankruptcy on Monday. The struggling consumer electronics retailer is hoping that a $1.1 billion line of credit will keep stores open through the holiday seasons. Circuit City, which has had financial problems since the 1990’s, has lost 90% of its value since the beginning of 2008.
Cisco Systems is introducing new hardware to help increase the flow of video and data traffic on the Web. Cisco’s spent $200 million over four years to develop its new equipment, which can handle six times the amount of data competitors hardware can process. For example, the ASR 9000 can move 250,00 mp3’s in a second.
Nortel Networks posted a third quarter lose of $3.4 billion. Nortel, which manufactures telecommunications equipment, noted that it plans to cut its workforce by 5%. The weak financial report lead to a 25% drop in the company’s share price.
Sirius XM posted a $4.88 billion net lose for the third quarter. Since the satellite radio providers merged, subscriber growth has been weak, while shares have fallen. To make matters worse, Sirius XM has $1.1 billion in debt due next year.
Plus, today’s consulting question, “When is network DVR going to be available?” Shelly has the answer on today’s MediaBytes.