Earnings, Third Quarter | 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.

Yahoo Inc has managed to meet low third quarter earnings targets, a rare feat for a company that has continually disappointed investors.

Bank of America reported a $6.2 billion profit for the third quarter as gains from assets sales and positive accounting changes outweighed weaker results in its trading business and continued losses in its huge mortgage portfolio.

Economic growth in China during the third quarter of the year is expected to have slowed as a result of government measures to curb inflation.

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.

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.

The mortgage-finance company warned that foreclosure delays could lead to higher costs, as it asked the Treasury to provide a $2.5 billion infusion.

AOL's earnings more than doubled amid gains from asset sales, though ad revenue dropped 27%. CEO Armstrong said AOL is on the path to recovery, with much of the revenue declines "self-inflicted."

Pharmaceutical giant Pfizer Inc. says revenue in the third quarter jumped 39 percent due to its acquisition of fellow drugmaker Wyeth, but hefty charges dragged its profit down 70 percent.

Though it has resisted the slump better than most oil companies, Exxon’s profit fell 68 percent in the quarter.