Quarterly Profit, Quarterly Earnings | featured news

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

Here’s something that may (or may not) surprise about you about banks: They’re raking in profits like it’s 2007. It's not such a rosy environment for banks once you cut a little deeper into the numbers. The latest data from the FDIC show banks taking in net income of $34.5 billion in the second quarter of 2012, that’s up $5.9 billion from from the second quarter of 2011.

Online ad revenues rose 8 percent at the news division in the second quarter compared with the same period last year, reversing recent declines. But the $2 million increase in online revenues covered only a small part of the $9.9 million decline in print ads.

Thomson Reuters Corp. profit rose 64% in the second quarter, helped by no longer having to pay integration expenses from its merger, though the company continued to face sluggish growth in its segment serving financial professionals.

Chrysler reported its second-quarter profit soared as its predominately North American operations shielded it from the European economic slowdown on plaguing its U.S. competitors.

The company reported net income of $7 million, or 1 cent a share, on sales of $12.8 billion. It was less profit than analysts had estimated, but the revenue was in line with forecasts.

On Tuesday, Apple is set to report financial results for the second quarter. Analysts are expecting net income of $9.8 billion. But whatever figure Apple reports won't reflect its true profit, because the company hides some of it with an unusual tax maneuver.

General Electric Co reported second-quarter profit slightly above expectations on Friday, offsetting weaker-than-forecast revenue growth, and said it was finding ways to grow despite a hazy economic outlook.

The Wendy's Co. on Tuesday reported a first-quarter profit that missed Wall Street expectations and cut its forecast for the year, as the hamburger chain struggled in its revival efforts amid higher costs for fresh beef and weaker-than-expected sales.

Helped out by special items, Southwest Airlines reported a net income of $98 million last quarter to preserve its 21-year string of profitable first quarters. But excluding those gains, mostly from an increase in value of fuel hedges, the Dallas-based carrier said it lost $18 million.