Internet search giant Google says its profits declined 20 percent in the last three months, which prompted a sharp sell-off of the company’s stock on Thursday. U.S.-based Google had planned to release its earnings report for the July-to-September period after the Nasdaq stock exchange had finished trading for the day. But the company that prints […]
BP Recorded 2011 Profit, but Faces Oil Spill Trial
Posted February 7th, 2012 at 12:05 pm (UTC-5)
British oil giant BP says it made nearly $40 billion in profits last year even as it prepares for the opening of a massive trial later this month about damages that resulted from the company’s 2010 oil rig explosion off the southern U.S. coastline. With higher oil prices through much of last year, BP chief […]
Chrysler Reports First Yearly Profit Since 1997
Posted February 1st, 2012 at 5:25 pm (UTC-5)
Chrysler, the third largest U.S. car manufacturer, is reporting its first profitable year since 1997. Chrysler says it netted $183 million in 2011 after losing $652 million the year before. The company says higher sales of its trademark Jeep model along with new products are responsible for its turnaround. Chrysler chief Sergio Marchionne says all […]
Two US Banks Earned Billions in 2011
Posted January 17th, 2012 at 1:35 pm (UTC-5)
Two of the biggest banks in the U.S. say they earned billions of dollars in profits in 2011. Citigroup, the country’s third largest bank by assets, said Tuesday that it earned more than $11 billion last year, up more than 6 percent from 2010. But the New York-based international banking conglomerate reported that its profits […]
Germany’s Commerzbank Profits Plunge
Posted August 10th, 2011 at 2:25 am (UTC-5)
Germany’s second largest lender Commerzbank said Wednesday its second quarter net profits plunged by 93 percent from the same period a year earlier. Commerzbank said its net income fell to $34.4 million after it revalued its holdings of Greek debt, resulting in a depreciation of more than $1 billion. The Greek government has asked bondholders […]
Industry Group Predicts Plunge in Airline Profits
Posted June 6th, 2011 at 3:00 am (UTC-5)
An international industry group predicts that airline profits will plummet this year because of natural disasters, political violence and higher fuel prices. At its annual meeting in Singapore Monday, the International Air Transport Association said airlines will probably earn only $4 billion in 2011, down from $18 billion last year. IATA Director-General Giovanni Bisignani said […]
