second quarter earnings

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Facebook Beats Estimates in First Earnings

Though company lost $157M overall

(Newser) - Facebook reported its first quarterly earnings since going public today, and though the company lost $157 million, or 8 cents per share, it performed better than analysts were expecting, Bloomberg reports. Facebook's total revenues rose to $1.18 billion on strong advertising sales, meaning that if not for "... More »

JPMorgan Trading Loss Worse Than Expected, But...

...It barely dented the firm's Q2 profits

(Newser) - JPMorgan reported a $4.4 billion trading loss this morning, a figure far worse than analysts were expecting, in the wake of the "London Whale" fiasco. That drove the bank's earnings down 8.7%, but still left it with $4.96 billion in profit for the second quarter,... More »

Halliburton Earnings Shoot Up 54%

Oil giant credits strong demand

(Newser) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with... More »

BP: Spill May Be Fixed as Soon as July 27

New, earlier target date aimed at investors

(Newser) - The relief well that is supposed to finally stanch the oil flow from the Deepwater Horizon may be ready as early as July 27, BP is now telling the Wall Street Journal . That's weeks ahead of the mid-August schedule they’ve discussed until now, and just happens to be the... More »

Upbeat Earnings Have CEOs Singing Rebound

(Newser) - CEOs and investors have springs in their steps. After a week full of positive earnings reports, many now believe worst is over, the Wall Street Journal reports. Yesterday saw a slew of reports that matched or beat estimates, including Motorola, Goodyear, Sony, and Kellogg Co. The economy “has found... More »

Bank of America, Citigroup Post Ugly Wins

(Newser) - Bank of America and Citigroup both posted estimate-topping profits today, but neither inspired much confidence, the New York Times reports. Both numbers hinged on one-time gains from asset sales. In Bank of America’s case, earnings fell 5.5% to $3.22 billion, a number propped up by the sale... More »

JPMorgan Profit Jumps 36%, Defying Expectations

(Newser) - JPMorgan Chase, the largest bank to repay TARP money, posted second-quarter earnings of $2.7 billion—smashing analysts' predictions with a 36% increase in profit. The bank became America's second-largest after hoovering up Bear Stearns and Washington Mutual, and like Goldman Sachs it has used a boom in investment banking... More »

Stocks Mixed; Dow Up 15

Investors show caution as 2nd-quarter earnings season beings

(Newser) - Stocks were mixed today as investors await companies' second-quarter reports. Shares of Alcoa, which kicks off the earnings season with a report after the close, fluctuated but closed slightly higher. The Dow finished up 15 points at 8,178, reports the Wall Street Journal. The Nasdaq gained 1 point to... More »

Fannie Misses Estimates, Slashes Dividend

Stock drops 12% in early trading

(Newser) - Fannie Mae reported its fourth straight losing quarter today, Bloomberg reports, coming in $2.3 billion in the red and slashing its dividend. The $2.51-per-share loss far exceeded the 72-cent average predicted by analysts, much as Freddie Mac surprised investors two days ago. “Neither of these companies have... More »

GM Loses $15.5B, Stuns Street

$27.33 per-share loss much worse than analysts predicted

(Newser) - General Motors stunned Wall Street today, reporting a $15.5-billion second-quarter loss—a figure far worse than anything analysts had predicted—as sales collapsed on the company's most profitable products, trucks and SUVs. Prognosticators had estimated the automaker would lose $2.62 per share, excluding items; instead the loss came... More »

Exxon Reports Best Quarter in History; Misses Estimates

(Newser) - ExxonMobil reported the biggest quarterly profit in US history today, earning $11.68 billion or $2.22 a share as revenues rose 40% over the previous year. But those stratospheric numbers fell short of Wall Street’s estimates; analysts had expected crude prices, which have doubled over the past year,... More »

Ford Posts $8.7B Loss, Will Make Fewer Trucks

Writedowns lead to ugly quarter

(Newser) - Ford Motor Co. lost $8.67 billion in the second quarter and will retool two more North American truck and SUV plants to build small, fuel-efficient vehicles, the company announced today. The net loss includes $8.03 billion in writedowns due to a decline in the value of its truck... More »

Wachovia Posts $8.9B Loss Under New CEO

'Dismal' housecleaning quarter much worse than expected

(Newser) - New Wachovia CEO Robert Steel moved aggressively to staunch the bank's losses by taking a massive $8.9-billion hit in the second quarter and slashing its dividend to almost nothing, the New York Times reports. Steel had every reason to clean house, but analysts had predicted only a 78 cents-per-share... More »

Citi Losses Shrink in 2nd Quarter, Beat Expectations

Rounds out week of better-than-expected results

(Newser) - Citibank delighted shareholders today by losing a mere $2.5 billion in the second quarter, the Wall Street Journal reports. Analysts had expected much worse from the US’ biggest bank by assets, but Citi beat expectations by reducing writedowns and slashing jobs. The results should prove a counterweight to 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 »

Morgan Stanley 2nd Quarter Wallops Rivals

Profits spike 40% as subprime slump smacks rest of sector

(Newser) - Morgan Stanley released far better-than-expected earnings figures today, with net income up over 40% in the last quarter. Riding strong fixed-income sales and trading figures, profits rose to $2.58 billion, up from $1.84 billion last year. That's a far cry from rivals Goldman Sachs and Bear Stearns, whose... More »

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