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NEWS ABOUT: corporate earnings

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Strong Overseas Growth Buoys IBM Sales

Despite a lagging US economy, there's hope for multinational tech firms overseas

(Newser) - IBM, already weathering the economic storm that’s bedeviled many other major US companies, said sales overseas, especially in Europe and developing nations, would help it overcome trying economic conditions at home in 2008, reports the Wall Street Journal. The computer services giant said it expects annual per share earnings... More »

Merrill: $9.8B Loss on $11.5B Writedown

Brokerage's first-ever full-year loss blamed on subprime woes

(Newser) - Merrill Lynch reported a fourth-quarter loss of  $9.8 billion, or $12.01 a share, nearly triple the per-share loss most analysts predicted, reports Bloomberg. It was the second straight losing quarter for the nation’s largest broker, and capped the company’s first full-year loss since 1989. Merrill said... More »

Intel Profits Jump 51%, But Slowdown Seen

Chipmaker cautious on 2008 as global PC market cools

(Newser) - Intel's net income leaped 51% in the fourth quarter—the No. 1 chipmaker's largest increase in 14 quarters—to $2.27 billion. But the glow was dimmed by what looks to be a cooling PC  market, leading to lower projections for 2008, and sending Intel’s share price down 14%... More »

JP Morgan Profit Drops 34% in Q4

$1.3B in subprime writedowns hit earnings at third-largest bank

(Newser) - Subprime mortgage writedowns of $1.3 billion cut deeply into better-than-expected revenue gains at JP Morgan Chase in the fourth quarter, leaving the nation’s third-largest bank with net income of $2.97 billion, or 86 cents per share, a 34% drop from a year ago, reports Bloomberg. The writedown... More »

Citi Takes $9.83B Loss, $18B in Writedowns

Record Q4 loss offset by $14.5B cash infusion from Singapore, Kuwait

(Newser) - Citigroup announced $18 billion in writedowns and a $9.83-billion fourth-quarter loss today as a relentless torrent of mortgage defaults has brought the banking giant to its knees. The $1.99-per-share loss is the largest in Citi’s 196-year history, Bloomberg reports. Citi, struggling to recapitalize, also reported US and... More »

IBM Tops Q4 Expectations by $1B

Strong sales to developing markets send Big Blue stock soaring

(Newser) - IBM shares soared after the company released preliminary quarterly earnings today that beat Wall Street’s predictions by $1 billion, reports Bloomberg. Shares popped 8% in early trading after the company said “strong operational performance in Asia, Europe, and emerging countries” helped it to a 24% bump in earnings... More »

UnitedHealth's Ex-CEO Will Pay Back $620M

Ousted Maguire settles claims over backdating stock options

(Newser) - UnitedHealth's ex-CEO will surrender another $420 million in stock options and retirement pay to settle claims in a scandal over stock-option backdating. William McGuire already had forfeited $200 million to UnitedHealth when he was ousted last year, the Wall Street Journal reports, making his giveback one of the largest in... More »

Investors Worry Dell's Road to Recovery is Too Rocky

Quarterly earnings announcement prompts big Wall Street selloff

(Newser) - Computer-maker Dell’s rollercoaster ride isn’t over and it’s left investors woozy. Despite increasing net income 27% in third quarter earnings released yesterday, Dell shares slipped nearly 10% in after hours trading, giving back nearly everything the stock gained leading up to the report and underlining CEO Michael... More »

HP Earnings Spike 28%

The PC and server giant enjoys high sales, not affected by economic slump

(Newser) - Computer and printer giant Hewlett-Packard rode strong server, software, and PC sales to a 28% boost in fourth quarter earnings from a year ago, CNN Money reports. The company posted a net profit of $2.2 billion, with a share price of 81 cents, up from 60 cents a year... More »

Dreary Housing Market Nails Home Depot

Third-quarter net income plunges 27%

(Newser) - A weak housing market hammered Home Depot’s third quarter, sending revenues down 4% and cutting net income 27%, reports the Wall Street Journal. The Atlanta-based retailer today said net income fell to $1.09 billion compared to $1.49 billion a year ago. “We are facing a tough... More »

$39B Charge Puts Brakes on GM's Earnings

Automaker could post biggest loss ever, nearly $70 per share

(Newser) - In what’s likely to be the largest net loss in its history, GM today will announce earnings that include a $39 billion tax charge costing it nearly $70 per share. The charge rear-ends the automaker after a quarter that saw strong US sales and a positive labor pact with... More »

Sun Misses Revenue Mark, Falls in Late Trading

First full year with profits since dot-com bust

(Newser) - Despite recording its fourth straight profitable quarter for the first time since the dot-com crash, Sun Microsystems fell in evening trading after missing 1Q sales projections by $50 million, reports the Associated Press. Analysts projected the company would bring in $3.27 billion in sales in the quarter; the final... More »

UBS Reports $712M Q3 Loss, $4.4B in Writedowns

Subprime crisis costs bank $4 billion in writedown

(Newser) - The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns... More »

On the Rebound, Sony Profits Soar

Despite Playstation 3 flop, technology giant prepares for recovery

(Newser) - Despite big losses in Playstation 3 sales, Sony reported a slight quarterly profit jump, a signal that cost-cutting and downsizing have been effective economic spurs for the Japanese technology giant. Electronics profits increased 12-fold to $939 million, with sales, especially of digital cameras, up more than 20%, the New York ... More »

Netflix Finds Itself in House of Business Horrors

Despite profit growth, flurry of grim news troubles Wall Street

(Newser) - Netflix faced a second wave of bad news today as its stock price plummeted and its website remained inaccessible to visitors. The company announced price cuts Sunday and yesterday absorbed a triple blow: lowered sales expectations, a subscriber decline, and a Wall Street downgrade. The website crash then left the... More »

McDonald's Takes Good News to Go

Company's strong results can't offset cost of Latin American sale

(Newser) - Despite strong global sales, McDonald’s reported a second-quarter loss today, which it attributed to its sale of Latin American franchises. The company lost $711.7 million, or 60 cents a share, but said its new offerings and value menu drew consumers, CNNMoney reports. Excluding the Latin American charge, earnings... More »

5 Reasons to Think Bearish

Despite record growth, Wall Street has plenty of cause for concern, Business Week says

(Newser) - Wall Street is giddy with low unemployment, optimistic earnings predictions, and a resilient economy, but BusinessWeek lists five things for investors to worry about.
  1. Volatility in earnings, especially tech companies
  2. Consumer spending, as gas prices take their toll
  3. Inflation, which could prompt the fed to raise interest rates
  4. Subprime aftereffects,
... More »

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