Quarterly Earnings | featured news

Bank of America has reported a sharp rise in profits after it shed costs and set aside less money for bad loans. The bank reported first quarter net income of $2.3bn (£1.5bn), after making $328m in the same quarter a year ago.

Yahoo said its profit rose 36% as the struggling Internet pioneer showed signs of continuing its slow but steady rebound under Mayer. But its shares fell after-hours on signs of decay in sales of display ads.

Citigroup Inc reported a higher-than-expected 31 percent rise in first-quarter profit on Monday as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.

Retail sales contracted in March for the second time in three months, a sign the American economy may have stumbled at the end of the first quarter.

Fresh off its partnership announcement with Facebook last week on the Android-based Facebook Home, HTC had news of a more troubling nature to share with investors Monday — its quarterly earnings report. The company, reported profits had fallen 98 percent from the same period last year to $2.83 million. The Associated Press reported this was the firm’s lowest quarterly profit on record.

Fannie Mae earned $17.2 billion last year, the biggest annual profit in the U.S. mortgage giant's history, helped by a record fourth quarter.

Consumer spending rose in February and sentiment among Americans perked up this month, further signs of an acceleration in economic activity in the first quarter after a near stall in late 2012.

Electronic Arts Inc. said Monday its Chief Executive John Riccitiello is stepping down and that its fourth-quarter results could fall short of expectations.

Costco's fiscal second-quarter net income climbed 39 percent as it pulled in more money from membership fees, sales improved and it recorded a large tax benefit. The wholesale club operator earned $547 million, or $1.24 per share, for the period ended Feb. 17. That compares with $394 million, or 90 cents per share, a year earlier.

Costs related to Staples turnaround plan helped drive down the office supplier's fourth-quarter net income by 72 percent. Its quarterly revenue and financial outlook for the year missed Wall Street's expectations.