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NEWS ABOUT: profits

Hell's Kitchen Chef Sees Profits Fry

Ramsay pours millions into failing biz, admits 'ambition overtook me'

(Newser) - Burned by plunging profits after a year of dizzying expansion, Hell’s Kitchen star Gordon Ramsay admits he bit off more than he could chew. Profits at Gordon Ramsay Holdings, which the fiery chef co-owns with his father-in-law, have dropped 90%, forcing the pair to pour more than $8 million... More »

Virgin Soars as BA Posts Record Loss

Branson's airline doubles profits year-on-year

(Newser) - Virgin Atlantic announced today that its annual profits had nearly doubled to $109 million, while its rival British Airways posted a record annual loss of $638 million. According to the Times of London, Richard Branson's airline increased its market share and drew substantial revenue from its premium services. Virgin, which... More »

Don't Celebrate Yet: Earnings Are Up, but Not Sales

Though first-quarter profit beat expectations, a growth story is absent

(Newser) - The fact that 66% of American companies beat their first-quarter earnings expectations is good, writes Henry Blodget in Clusterstock, but not as good as it looks. A closer examination of the data shows that while profits increased, revenues did not, and “you can’t fire your way to prosperity.... More »

Apple's Profit Soars; Jobs Due Back in June

(Newser) - Steve Jobs may be on the sidelines—at least in theory—but Apple is showing no signs of a letdown. The company's quarterly profit surged 15% on strong sales of iPhones and iPods, the Wall Street Journal reports. Jobs, reportedly still very much calling the shots during his medical leave,... More »

JPMorgan Posts Better-Than-Expected $2.1B Profit

Or JPMorgan Posts $2.1B Profits, Beats Expectations

(AP) - JPMorgan Chase earned $2.14 billion in the first quarter, it said today, thanks to a boost in trading activity and deposits. The profit was 10% lower than last year, but better than expected, boosting hopes for a turnaround. Like other banks, JPMorgan is still seeing loan defaults increase—credit... More »

'09 Airline Losses Likely Worse Than Post-9/11

Companies to lose $4.7 billion in economic crisis

(Newser) - World airlines will lose $4.7 billion this year, and revenues will plummet $62 billion—worse than after 9/11, a top industry association said. The grim estimate is almost twice what it was in December and reflects “the rapid deterioration of the global economic conditions,” said the International... More »

Newspaper-Less Future Nears in Some Cities

Closings presage a future without the local paper

(Newser) - With the Seattle Post-Intelligencer to print a final edition next week, it’s set to follow the path of Denver’s Rocky Mountain News, which closed two weeks ago, the New York Times reports; the Tucson Citizen will also likely close next week. A rival newspaper will remain in each... More »

Madoff Profiteers Scramble From Threat of Clawbacks

New York law allows those who lost money to reclaim from those who gained

(Newser) - The threat that authorities will seek to recoup profits reaped through their investments in Bernard Madoff’s Ponzi scheme have some investors hurrying to put those funds in hard-to-reach places, the Wall Street Journal reports, like homes, trusts or life-insurance policies. So-called “clawback” lawsuits could allow those who were... More »

Buffett Has Worst Year Ever

(Newser) - Not even legendary investors can escape this mess. Warren Buffett’s Berkshire Hathaway posted its worst year ever in 2008, the Wall Street Journal reports. A key indicator, book value per share, fell 9.6%, only the second loss since Buffett took control of the company in 1965. Berkshire reported... More »

At $242M, Madonna Tops Music Moneymaker List

(Newser) - When it comes to overall revenues in 2008, all other musicians took a back seat to Madonna. Billboard notes that the top 20 earners all toured, a move that is bringing in more and more money as record sales tank. The top moneymakers:
  1. Madonna: With more than $242 million, the
... More »

To Save Itself, Press Should Become a Religion

Papers would enjoy the benefits of tithing and tax-exemption: Bates

(Newser) - As profits continue to fall, some have suggested turning newspapers into non-profit, endowed institutions similar to colleges. A better way to go non-profit would be for the press to declare itself a religion, writes Stephen Bates for Slate. The tax benefits would be substantial, as would legal protections for reporters-turned-priests,... More »

Sony Swings to First Annual Loss in 14 Years

Global downturn, strong yen reverse earlier expectations

(Newser) - Sony announced today that it would go down to its first annual loss in 14 years, after having forecast just months ago that it would turn a profit. The Japanese electronics giant said it expected to lose $1.7 billion, the result of declining demand from the global recession. The... More »

Authorities May Claw Back Madoff 'Profits'

Investors who gained from Ponzi scheme may lose too

(Newser) - While thousands of investors are furious with Bernie Madoff, he did manage to make a few people very rich during the boom years. With handsome if fraudulent returns of 10% to 17%, investors who withdrew even a fraction of their principal may have ended up in the black. But as... More »

MGM Delays New Casinos for Vegas, Atlantic City

After credit downgrade, firm reports 67% decline in quarterly net income

(Newser) - MGM Mirage will suspend work on new casinos in Las Vegas and Atlantic City due to the dismal credit climate, the Wall Street Journal reports. The firm reported a 67% drop in third-quarter net income as the slumping economy quells consumers’ desire to gamble or spend at casino restaurants and... More »

Christian Science Monitor Will End Daily Print Edition

Paper moves to web-first edition, will publish weekly magazine

(Newser) - The Christian Science Monitor will discontinue its daily print edition in April as it shifts to the Internet. The paper, which turns 100 next month, will print a weekly edition instead. The Monitor has seen its circulation decline to 52,000 from 160,000 20 years ago, and while it... More »

High Prices Pound Gas Stations

Squeezed margins drive many out of business

(Newser) - Angry at gas stations for profiting on your financial misery? Think again, the Wall Street Journal reports: They're fast going out of business as oil prices rise. This year's 40% price hike has sent costs soaring, shuttering 3,000 US stations and causing Exxon Mobile to announce the sale of... More »

Slumping Microsoft Needs Yahoo

Slow quarter spurs push for acquisitions

(Newser) - Microsoft's first quarter saw flat sales and dipping profits, all the more reason to make nice with Yahoo, Aaron Ricadela writes in BusinessWeek. Steve Ballmer has said he is ready to walk away from the attempted takeover, but with most of Microsoft's revenue coming from smaller divisions and overseas interests,... More »

Best Buy Profit Soars 52% in 3Q

Less discounting helps retail giant best expectations

(Newser) - A consumer hankering for big-ticket items—and a willingness to pay closer to full price for them—helped Best Buy's third-quarter profit rise 52%, reports the Wall Street Journal. Absent last year's discounting on flat-screen TVs, the country's largest electronics chain posted Q3 net income of $228 million, or 53... More »

Amazon Reports Large Increase in 3Q Sales

Despite 313% jump, stock drops in after-hours trading

(Newser) - Amazon reported strong increases in third-quarter sales, citing once again its low pricing and free shipping for success. But investors may have been hoping for an even larger increase, because Amazon's share prices fell over 8% in after-hours trading. The company netted a profit of $80 million for the quarter,... More »

Ford Turns 1st Quarterly Profit in 2 Years

Automaker thumps expectations, moves into black for 2007

(Newser) - In a surprise turnaround, Ford reported a $750 million quarterly profit today, ending seven quarters in the red by declaring earnings of 31 cents per share. Excluding profits related to the sale of Aston Martin and job cuts, the figure was 13 cents per share ($258 million), Bloomberg reports. Ford... More »

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