Software giant Microsoft soundly beat Wall Street expectations in its third-quarter earnings released after the markets closed today. Microsoft said it had revenue of $16.43 billion for the quarter ended Mar. 31, 2011, which was up 13 percent from a year ago. Net income was $5.23 billion, or 61 cents per share, a rise of 36 percent.

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Apple investors unsettled by reports claiming the Asus Transformer tablet is co-opting iPad demand can rest easy. The threat here appears to be a bit less than what it’s been made out to be.

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Cisco Systems Inc. is offering some of its U.S. and Canadian employees the option of retiring early, part of a series of moves to cut costs and restructure the company.

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If you were alarmed when Research in Motion cut its sales and profit forecasts for this quarter, wait until you hear its explanation for the move. There’s been a decrease in sell-through since RIM issued guidance a month ago and it’s being driven the “natural aging” of its high-end smartphone portfolio.

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Motorola Mobility, the cell phone part of the now-divided Motorola, reported its revenue rose 22 percent in the period, its first full quarter as an independent company. The company said it expects to break even or post a modest profit next quarter, excluding charges.

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The rumors have proven true. Apple (AAPL) will indeed hold a special event this month, and judging by the design of the invitation, it may well showcase some new hardware. “It’s got to be new iPods. That’s 100 percent certain,” said Needham & Co analyst Charles Wolf. “The only question I cannot answer is whether they will also do new MacBooks.”

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U.S. and European handset demand was “lackluster” in August, creating pressure on pricing, Pacific Crest’s James Faucette asserted in a research note this morning.Faucette says says handset sell-through is up sequentially from July, but below expectations for the beginning of the back-to-school season.

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And BoomTown has to wonder who is going to try to catch it without getting sliced and slashed.As we noted earlier about Yahoo’s dicey situation, in a back-to-school post about what various Internet companies need to focus on in the months ahead, the troubled Internet company’s $19 a share stock price was worrisome.Now it is less than that as Yahoo shares have descended even lower, to close this afternoon at $18.75.

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“With its view of the Web as a Web of applications, and its multi-process/multi-application design, Google Chrome almost seems more a Web desktop than a Web browser, doesn’t it?” Seems I wasn’t alone in asking that question yesterday as a flurry of research notes published today suggests.

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Google’s new Chrome Web browser will make using the Internet faster and less frustrating, but this first version is rough around the edges and lacks some features, says Walt Mossberg in the first hands-on review.

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Shares of glass maker Corning (GLW) and LCD panel producers AU Optronics (AUO) and LG Display (LPL) are all down sharply today amid a new wave of market jitters on the prospects for the flat-panel display market.Several recent Street research reports note that conditions in the LCD panel sector have been difficult for much of the third quarter, raising questions about the companies’ ability to hit current Street estimates.

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Now, we have two guys (sorry, I will fill in their names later, but they talked fast) who are demoing Google’s new Chrome browser and its features and user interface.”Friendly” tabs, knowing your history better graphically, auto-typing, simplicity, easier downloading with a new window that one guy is calling a real app like “Pinocchio, because I wanted to build a real boy.”Well, Pinocchio was wood for most of that story, but I like the effort!

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Google’s Chrome browser has been available for just a few hours and the first reviews are slowly beginning to hit the Web. They’re largely positive, although in that “worthy, but largely unexciting” sort of way typically reserved for new Microsoft operating systems. Here’s a quick roundup of first impressions.

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After enjoying a few brief months of hostile-bid-inspired investor enthusiasm, Yahoo’s share price has resumed the steady decline it’s been charting for some time now.Yahoo closed at $18.75 today. Not only is that the stock’s lowest level in five years, it’s well below the $19.18 it was worth on Jan. 31, the day before Microsoft announced its $31-per-share offer for the company.

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Finally, Google Co-Founder Larry Page takes the microphone and thanks the Chrome browser team and compliments them for their efforts.This is, as anyone on the receiving end of Page’s sometimes pointed manner knows (and BoomTown has been), a big deal.Page also starts to talk about how browser choice and innovation could make the planet a better place.Of course! World peace through better browsing!

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