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Sun Reveals Profit Boom, $1B MySQL Buyout

Jan 16, 2008 6:07 PM CST

Sun Reveals Profit Boom, $1B MySQL Buyout

Open-source software developer latest acquisition for giant

(Newser) - Sun Microsystems revealed two surprises today: The computer company showed quarterly earnings that have nearly doubled from a year ago, and it said it would buy open-source software developer MySQL for $800 million in cash and $200 million in assumed options. Sun’s earnings in the second quarter—which ended...

Street Yawns at Genentech Quarterlies

Jan 15, 2008 11:09 AM CST

Street Yawns at Genentech Quarterlies

Despite beating analysts' revenue and profit forecast, biotech's share price drops

(Newser) - Drug maker Genentech – struggling with near-flat sales of its two premier drugs, Avastin and Rituxan – managed to outperform analyst’s fourth quarter expectations – barely, reports the Associated Press. The one-time biotech uber star, which recorded phenomenal growth in each of the two previous years, showed only a...

Cap One
Cuts Earnings Forecast

Jan 10, 2008 6:46 AM CST

Cap One Cuts Earnings Forecast

Mortgage woes spread to credit card, car loan giant

(Newser) - The nation’s largest independent credit card issuer, facing worsening loan troubles and a struggling US economy, says it will cut its 2007 profit forecast 20%. Capital One Financial 's news is another indicator that the mortgage crisis is infecting other loans, the Wall Street Journal notes; the company is...

Bear Stearns Posts First Loss

Dec 20, 2007 9:19 AM CST

Bear Stearns Posts First Loss

Subprime writedowns hobble 'bond shop,' loss almost four times what analysts expected

(Newser) - Analysts expected Bear Stearns to post its first-ever loss today, they just expected it to be smaller. After $1.9 billion in subprime writedowns, the company posted a $6.91 loss per share, dwarfing the $1.82 analysts predicted. Executives gave up their bonuses, as revenue from debt sales and...

Morgan Stanley Stuns With $9.4B in Writedowns

Dec 19, 2007 8:10 AM CST

Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

(Newser) - Morgan Stanley, the nation's second-largest investment bank, lost $3.59 billion this quarter, its first loss ever, after taking a whopping $9.4 billion in writedowns on mortgage-backed securities. CEO John Mack, who promised to give up his 2007 bonus as penance for the losses, also announced a $5-billion cash...

No Bonus for Bear Stearns Execs

Dec 19, 2007 7:41 AM CST

No Bonus for Bear Stearns Execs

On the eve of announcing its first quarterly loss ever, top execs pass on bonuses

(Newser) - Bear Stearns’ CEO and other top executives, poised to announce the company’s first quarterly loss in its 84-year history tomorrow, are expected to bypass millions of dollars in annual bonuses, an acknowledgment of the dismal year the firm had, driven down by the collapse of the subprime mortgage market...

Goldman
Earnings Hit Record

Dec 18, 2007 9:25 AM CST

Goldman Earnings Hit Record

Firm soars on trading, M&A, shorting subprime as others falter

(Newser) - Still sitting pretty above the subprime fray, Goldman Sachs trumped estimates today and reported a 2% jump in profits in the fourth quarter, breaking the annual profit record for the fourth straight year. Goldman shorted subprime mortgages, profiting from the disaster that sank competitors, and in the quarter actually boosted...

CS3 Takes Adobe to Record Revenue

Dec 18, 2007 5:52 AM CST

CS3 Takes Adobe to Record Revenue

Software maker tops expectations with 21% net income bump

(Newser) - Graphic-software manufacturer Adobe Systems topped analysts’ expectations, yesterday announcing record quarterly revenue on the strength of its Acrobat and Creative Suite 3 sales. Adobe said fourth-quarter net income was up 21% on record revenue of $911.2 million, a 34% increase from a year ago, reports the Wall Street Journal....

Housing Crash Pushes Home Builder Into Red

Dec 6, 2007 7:49 AM CST

Housing Crash Pushes Home Builder Into Red

Toll Brothers has its first losing quarter in 21 years

(Newser) - Toll Brothers, the country's largest luxury homebuilder, today reported its first quarterly loss in 21 years, Bloomberg reports, as the housing slump drove away buyers and forced the company to write down land. “Demand has just fallen off the table,” one analyst explains. Toll lost $81.8 million,...

Investors Worry Dell's Road to Recovery is Too Rocky

Nov 30, 2007 11:50 AM CST

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...

Street Foresees Very Good Year

Nov 13, 2007 12:44 PM CST

Street Foresees Very Good Year

Amid chaos, $28B in earnings marks the second best in history

(Newser) - Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker....

Dow Sheds 223, Flirts With 13K

Nov 9, 2007 3:44 PM CST

Dow Sheds 223, Flirts With 13K

Retail hit hard as well

(Newser) - The Dow dove 223.55 today to 13,042.74, its lowest close in 2 months, as investors reacted to rough news about tech and retail stocks. The S&P 500 wrapped up its its worst 3-day fall since January 2003, losing 21.07 to close at 1,453.70,...

Sprint Profits Dive 77%
As Subscribers Defect

Nov 1, 2007 12:00 PM CDT

Sprint Profits Dive 77% As Subscribers Defect

Network loses most customers since Nextel merger

(Newser) - Sprint Nextel subscribers jumped ship this quarter, taking the stumbling wireless giant’s profits with them. Profit fell 77% this quarter, Bloomberg reports, as 337,000 contract customers departed, the biggest exodus since the Nextel merger. The company said it would miss its 10% growth goal next year. “Their...

Vista, Office Spur Microsoft to Huge Growth

Oct 26, 2007 3:10 AM CDT

Vista, Office Spur Microsoft to Huge Growth

23% gains in first quarter; new PC sales drive gains

(Newser) - Microsoft yesterday reported a 23% leap in net income and its best revenue growth since the dot-com boom, making it an isolated winner in a tumbling market. The announcement drove up the company's shares 10% in after-hours trading. The sales of new PCs with Windows installed helped drive the gains,...

Apple Fourth Quarter Swamps Wall Street Estimates

Oct 22, 2007 11:57 PM CDT

Apple Fourth Quarter Swamps Wall Street Estimates

New Mac sales records lead earnings success

(Newser) - Apple reported yesterday that it dramatically outstripped estimates for fourth-quarter profits, news that bumped the company's stock up 6% in after-hours trading. Apple saw $6.22 billion in sales this quarter for earnings of $904 million ($1.01 per share), a 67% improvement over the same time last year. Analysts...

eBay Posts Big Growth but Net Loss Thanks to Skype

Oct 18, 2007 5:45 AM CDT

eBay Posts Big Growth but Net Loss Thanks to Skype

Skype write-down takes byte out of auction company

(Newser) - EBay reported strong growth in some sectors despite posting a $936 million net loss for the third quarter, reports the Wall Street Journal. Most of the loss is due to the company writing down internet calling company Skype by $1.39 billion after eBay found it difficult to make money...

Stocks Slide on Earnings Angst

Oct 10, 2007 4:06 PM CDT

Stocks Slide on Earnings Angst

(Newser) - The Dow had its biggest fall in a month today, as investors showed anxiety over third-quarter earnings. The key index dropped 85.84 points from yesterday's record high to 14,078.69, after aluminum maker Alcoa announced a sales slippage of 3.2%. Boeing contributed to the bearish day with...

Fed News Boosts Dow to Record

Oct 9, 2007 3:45 PM CDT

Fed News Boosts Dow to Record

S&P 500 also closes at all-time high

(Newser) - The markets spiked to record highs today after the Fed released minutes from its critical September meeting that revealed unanimous consent for the large interest rate cuts. The Dow climbed 120.80 points to close at an all-time high of 14,164.53. One economist told the Journal, “Just...

Citigroup Earnings Plunge 60% on Subprime Woes

Oct 1, 2007 10:53 AM CDT

Citigroup Earnings Plunge 60% on Subprime Woes

Company will be latest victim of market turmoil when it reports

(Newser) - Citigroup is the latest big-name victim of the subprime crash, the company announced today, warning of a 60% third-quarter earnings drop. Full earnings will be out Oct. 15, but it appears net income will drop to $2.2 billion from the $5.51 billion reported last year. “Our expected...

Toyota Banks Best-Ever Quarter

Aug 3, 2007 2:27 PM CDT

Toyota Banks Best-Ever Quarter

Good yen rate bolsters $4B quarter

(Newser) - Toyota reported its highest quarterly earnings ever today after profits surged 32% to $4.1 billion due to booming sales and favorable exchange rates for the yen. Revenue rose $54 billion, up 16% compared to the same quarter last year, and the Japanese giant sold 2.16 million cars, an...