Earnings | featured news

itigroup's strategy of slimming down and focusing on a few core businesses is paying off. The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending business grew in Asia and Latin America. The bank also decided to keep its credit card partnership with retailers as that business improved.

Best Buy's profit fell 30% as same-store sales continued to slide. The electronics retailer also revised its full-year earnings view.

Facebook's first-half revenue roughly doubled to $1.6 billion, underscoring the world's largest social network's appeal to advertisers.

Retail sales at major chain stores beat analysts' expectations, rising 4.4% year-over-year in August, according to Thomson Reuters' tally of 23 retailers. Discounters, including Target Corp. and Costco Wholesale Corp., did well as East Coasters stocked up before Hurricane Irene.

The good news for Hollywood: summer movie revenues are up worldwide as studios rebounded from a dismally slow start to the year. The bad news: Domestically, revenues rose only a fraction compared to the previous year's, while actual movie attendance dropped for the fourth-straight year.

IBM led the worldwide server market in Q2 2011 with a 30.5% market share, topping HP which fell to the second position after its market share dropped to 29.8%, down 1.7 percentage points from Q1 2011.

The weak economy is hitting Americans where they spend a lot of their free time: at the TV set. They're canceling or forgoing cable and satellite TV subscriptions in record numbers, according to an analysis by The Associated Press of the companies' quarterly earnings reports.

The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.

Chevron reported a 51% rise in second-quarter earnings as the second-largest U.S. oil company benefited from high crude prices and stronger refining margins.

Google recently announced its Q2 2011 earnings on July 14, 2011. [1] For the quarter, total advertising revenues surged by about 33% over Q2 2010 values driven by increased paid clicks as well as higher cost-per-click rates over the same quarter last year.