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'No Quick Fix' for Lego Sales Woes, CEO Laments

Excess inventory kept new products from moving in 2017, the first time in 13 years that profits fell

(Newser) - If you're an 8-year-old, you can never have too many Lego bricks. If you're Lego … well, maybe you can have too many Lego bricks. Excess inventory is one reason the Lego Group says it's now reporting, for the first time in 13 years, a drop in... More »

Trump Hotel in DC Braced for a Loss, Got a Windfall

The first 4 months of the year saw a $1.97M profit

(Newser) - "Some people really want to stay there, and then there's a bunch of people who don't." It's a statement that could be applied to pretty much any hotel, but it has special meaning in this case. The hotel the analyst is referring to is the... More »

3 Surprising Stats That Show How Big Tobacco Is Booming

Despite fewer smokers, cigarette companies have managed to rake in cash

(Newser) - The number of cigarettes sold in the US has declined 37% since 2001. Tobacco regulations are stricter than ever, and Big Tobacco has lost high-profile lawsuits costing millions. Yet the tobacco industry has reported a 32% increase in revenue, totaling $93.4 billion in 2016. According to reporting from the... More »

Spinal Tap Star Sues for $125M

Harry Shearer says Vivendi is hiding his profits

(Newser) - One of the makers of This Is Spinal Tap is suing entertainment group Vivendi, claiming the company is hiding millions from those who made the film possible. Harry Shearer—perhaps better known as the guy who voices dozens of Simpsons characters —co-created the 1984 film along with Rob Reiner,... More »

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) -'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 »

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