Recent Earnings: Ups & Downs
Sun Shares Drop 6.5%
Sun Microsystems swung to a profit in its fiscal Q3, but a small sales gain fell short of analyst forecasts; shares fell over 6.5% in after-hours trading. Net income was $67 million vs. a loss off $217 million last year. Sales rose 3% to $3.28 billion, less than the $3.42 billion analysts expected.
Amazon.com Shares Up
Amazon.com reported strong first quarter earnings Tuesday after the bell, beating Wall Street's expectations and sending shares higher by nearly 13% in after-hours trading. Amazon also raised its full-year sales guidance. Q1 net income more than doubled on improved electronics and clothing sales, as well as a lower tax rate, to $111 million, good for EPS of $0.26; sales jumped 32% to $3.02 billion. Amazon issued guidance for the next quarter, with revenue in the range of $2.7-$2.85 billion, annual sales of $13.4-$14 billion, and an operating income projection for the year of between $463 and $593 million.
McClatchy Posts Steep Profit Drop
Shares of newspaper publisher McClatchy Company fell to a 7-year low yesterday after the company posted a sharp drop in Q1 net income on slumping classified print ads. Q1 net profit came in at $9 million, a 67% drop from $27.7 million in the year-ago quarter. Ad revenue dropped 5.3% from last year to $477 million in Q1. Three main categories of classifieds: automotive, real estate and employment suffered double-digit percentage declines. Internet revenue grew over 5% in the quarter, but was insufficient to compensate for poor print ad performance. McClatchy's shares lost 3% after the report to close at $30.55.
Reuters Posts Revenue Beat but Sales Drop on Weak U.S. Dollar
Reuters Group posted a forecast-beating 6.5% rise in Q1 revenue, but said actual revenue fell 1.1% after accounting for currency fluctuations including a weak U.S. dollar. Actual revenue fell to €626 million from €633 million a year ago, during which the dollar fell 12% against the pound. Nonetheless analysts were impressed with the underlying growth
Western Union Posts 12% Drop in Q1 Earnings
Shares of payment transfer company Western Union fell 4.5% in AH trading to $21.90 yesterday after the company posted a drop in Q1 profit on overhead and interest expenses. Q1 net income fell to $193.2 million from $219.8 million a year earlier. The EPS result met analyst expectations. Revenue was up 8% from a year ago to $1.13 billion. International transactions rose 21%, with India showing solid growth. However the results reflect $15 million of expenses to add staff and replace services. The company has lowered its 2007 revenue growth forecast to 10-11% from 11-13%.
Amazon.com Shares Up
Amazon.com reported strong first quarter earnings Tuesday after the bell, beating Wall Street's expectations and sending shares higher by nearly 13% in after-hours trading. Amazon also raised its full-year sales guidance. Q1 net income more than doubled on improved electronics and clothing sales, as well as a lower tax rate, to $111 million, good for EPS of $0.26; sales jumped 32% to $3.02 billion. Amazon issued guidance for the next quarter, with revenue in the range of $2.7-$2.85 billion, annual sales of $13.4-$14 billion, and an operating income projection for the year of between $463 and $593 million.
McClatchy Posts Steep Profit Drop
Shares of newspaper publisher McClatchy Company fell to a 7-year low yesterday after the company posted a sharp drop in Q1 net income on slumping classified print ads. Q1 net profit came in at $9 million, a 67% drop from $27.7 million in the year-ago quarter. Ad revenue dropped 5.3% from last year to $477 million in Q1. Three main categories of classifieds: automotive, real estate and employment suffered double-digit percentage declines. Internet revenue grew over 5% in the quarter, but was insufficient to compensate for poor print ad performance. McClatchy's shares lost 3% after the report to close at $30.55.
Reuters Posts Revenue Beat but Sales Drop on Weak U.S. Dollar
Reuters Group posted a forecast-beating 6.5% rise in Q1 revenue, but said actual revenue fell 1.1% after accounting for currency fluctuations including a weak U.S. dollar. Actual revenue fell to €626 million from €633 million a year ago, during which the dollar fell 12% against the pound. Nonetheless analysts were impressed with the underlying growth
Western Union Posts 12% Drop in Q1 Earnings
Shares of payment transfer company Western Union fell 4.5% in AH trading to $21.90 yesterday after the company posted a drop in Q1 profit on overhead and interest expenses. Q1 net income fell to $193.2 million from $219.8 million a year earlier. The EPS result met analyst expectations. Revenue was up 8% from a year ago to $1.13 billion. International transactions rose 21%, with India showing solid growth. However the results reflect $15 million of expenses to add staff and replace services. The company has lowered its 2007 revenue growth forecast to 10-11% from 11-13%.
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