profits

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Ikea Accused of Funneling Money, Evading $1B in Taxes

'Profit shifting' apparently common in Europe

(Newser) - How do you say "large-scale tax avoidance" in Swedish? That's what a new report from the European Parliament's Greens/European Free Alliance group is accusing Ikea of, to the tune of $1.1 billion, per CNNMoney . The report alleges that the retail giant funneled money from its stores... More »

Profits Way Up at Smith & Wesson

'The [number one] driver of firearms sales is fear': analyst

(Newser) - It's been a very good year for one particular gunmaker. Smith & Wesson tripled its profits in the three months leading up to October, with net income of $14.2 million (it was $5.2 million during the same period last year), the BBC reports. Net sales have grown... More »

Top 10 Companies for 2013

Apple, of course, makes forecasters' list, along with Pfizer, Walmart

(Newser) - The prognosticators at 24/7 Wall Street are out with their annual predictions on which companies will be the most profitable in 2013. And, yes, Apple is expected to retain its No. 1 spot—by a wide margin. Here is the forecast with expected 2013 earnings, via MarketWatch .
  • No. 1: Apple,
... More »

Private Sector Is Doing Fine

It's a good time to be an American corporation, Rex Nutting argues

(Newser) - Believe it or not, some "people" are doing just great in this economy. "Those people are called 'corporations,'" writes Rex Nutting of MarketWatch . It may have been politically disastrous for President Obama to say the private sector was "doing fine" last month, "but... More »

Google Splits Stock as Profits Soar

Move keeps co-founders in control

(Newser) - Google has unveiled a stock split that will double the number of shares while keeping co-founders Larry Page and Sergey Brin firmly in control. The company is creating a new class of nonvoting shares that will be distributed to existing shareholders in a 2 for 1 split. The move will... More »

Amazon Profit Plummets 73%

Company cites pricey investments in streaming, Kindle Fire

(Newser) - Amazon.com's lavish spending has cut into profits and left investors rattled, the Wall Street Journal reports. The company announced a dizzying 73% drop in third-quarter profit today and saw its stock fall by 12%, or $28, to $198 in after-hours trading. The reason: Amazon is investing big-time in... More »

IRS Eyes Google As Profits Jump

Company going 'gangbusters,' boasts CEO

(Newser) - Hard times elsewhere haven't done any damage to Google's bottom line. The company has announced a whopping 26% year-on-year jump in profits for the third quarter of this year, with net income of $2.73 billion on nearly $10 billion revenue, most of it from advertising, the BBC... More »

HSBC to Cut 30K Jobs

But British bank hasn't said where

(Newser) - HSBC plans to cut some 30,000 jobs by 2013, shrinking its global workforce by 10%, the company says. As part of the plan, the British bank has cut 5,000 jobs this year, the AP reports. The firm didn’t say which countries would see cuts, though a rep... More »

In This Crappy Economy, Corporate Profits Soar

There's a disconnect between profitability and jobs

(Newser) - There's a whole lot of evidence that the US' economic recovery isn’t going well—unemployment remains too high, consumer lending too low, and consumer confidence in shambles—but one place you won’t find that evidence is on corporate balance sheets. US companies are poised to post big... More »

Vatican Back in the Black

Church pulls in $14.3M, makes profit for first time in three years

(Newser) - Good news: The Vatican returned to the black last year, after three straight years in the red. The Catholic Church pulled in $14.3 million, it said in its annual financial report today, while the Vatican city state made $30.6 million, fueled largely by ticket sales at the Vatican... More »

Palin's Bus Tour: Politics for Profit

She wins whether she's running or not: Alyssa Battistoni

(Newser) - Score one for Sarah Palin on her bus tour—whether she’s running for president or “just testing a new reality show format.” Palin’s post-gubernatorial moves don’t prove she’s seeking the White House, but they do show “an understanding that outrageous statements, calculated controversy,... More »

Chrysler Turns 1st Profit Since Bankruptcy

Revenue climbs 35% as Big Three return to profitablility

(Newser) - Good news for Detroit: The Big Three automakers are all profitable once again. Chrysler has reported its first net profit since leaving bankruptcy nearly two years ago, with a net income of $116 million in the first quarter. The firm saw revenue jump 35% to $13.1 billion compared to... More »

Goldman Profits Dive 83%

Investors skittish as post-crisis special conditions evaporate

(Newser) - Goldman Sachs fell short of analysts' estimates yesterday, posting an eye-popping 83% second-quarter drop in net income. Profits fell to $453 million, or 78 cents a share. Goldman executives said the fall in profit came as the exceptional trading conditions following the 2008 financial crisis evaporated, and investors remained pessimistic... More »

Hedge Fund Managers Rake In Record $25B

Top 25 managers cleaned up by betting on bank bailout

(Newser) - Betting correctly that the federal government would not let more banks fail after the cruel denouement of 2008, hedge fund managers engineered a record payday for themselves in 2009. The top 25 brought in $25.3 billion, topping 2007’s record by a healthy margin, and the $4 billion taken... More »

Wall Street Bonuses Surge 17%

After nasty 2008, firms set to make record $55B profit

(Newser) - New York state expects Wall Street bonuses for 2009 to total $20.3 billion, a 17% jump over 2008 that will bring the average bonus up to almost $124,000 from $112,000. At the largest firms, overall compensation is estimated to be up 31% to more than $340,000,... More »

Goldman to Insurers: Health Reform Will Hurt

Who knew Wall Street and teabaggers could agree?

(Newser) - Here's a reason for Goldman Sachs to be even more popular with the public: The investment bank has issued research on private health insurers advising that fighting off reform would best for their bottom line. Goldman takes as the “base” case passage of the bill that exited the Senate... More »

Yahoo Triples Profits After Cost-Cutting

Revenue falls, but downsized company earns $186M

(Newser) - Yahoo’s third-quarter profit more than tripled even though the company's quarterly revenue fell in the double digits for the third consecutive time. The earnings improvement reported today was primarily driven by extensive cost-cutting that has eliminated more than 2,000 jobs in the past year. The company, however, is... More »

Web Game Nets Creator $1.5M

Players pay for extra points to commit murder, mayhem

(Newser) - An Internet crime game has earned its young creator nearly $1.5 miilion. Torn, a text-based game noir that lets players commit murder and mayhem, boasts some 41,000 active players and 1.3 million account holders worldwide. The game is free, but players can opt to pay $5 a... More »

Fickle User Base May Doom Facebook

Users with no brand loyalty are a shaky foundation to build a long-lasting business on

(Newser) - These are rosy times for Facebook, but there's no guarantee the social networking juggernaut will even be around 5 years from now, Gary Andrew Poole writes for True/Slant.  The newly profitable site is riding high, with 300 million users. But as fallen giants like AOL and veterans of the... More »

Self-Serve Ads, Goods Work Well for Facebook

After missteps, Zuckerberg and co. have found some winning formulas

(Newser) - Reports on Facebook’s newly announced profitability have focused on a fixed deal with Microsoft that generates a large chunk of their income. But the site’s homegrown revenue sources—self-serve advertising and virtual gifts—shouldn’t be discounted, writes Bobbie Johnson for the Guardian. The personal information on Facebook... More »

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