Tag Archives: profit

Sony Reports Best-Ever Q3 Profit; CEO Hirai to Step Down, Turnaround Ally Yoshida to Take Helm

Japan’s Sony said CEO Kazuo Hirai would be handing over the reins to finance chief Kenichiro Yoshida, while at the same time forecast a record annual profit that highlights the revival in fortune that they have both engineered. Once a market leader in consumer-electronics, the maker of the Walkman and Trinitron TV in recent years fell behind the likes of Apple in… Read More »

iPhone X Production Costs See Foxconn Profit Fall

Taiwanese tech giant Foxconn said Tuesday its third-quarter profit dropped by more than a third, dragged by costs associated with producing the latest iPhone model. Also known as Hon Hai, the firm is the world’s biggest contract electronics maker and assembles Apple’s iPhones. Its net income in July-September fell 39.3 percent from a year earlier to TWD 21 billion ($696… Read More »

BA owner IAG hails record first-quarter profit

Airline group IAG, which owns British Airways and Iberia, has reported record first-quarter profits. IAG, which also owns Aer Lingus, said underlying operating profits in the quarter rose 10% to 170m euros (£144m). The increase came despite a 2.8% dip in group revenues to 4.9bn euros. IAG added that bookings for its new long-haul low-cost airline called Level,… Read More »

Profit falls at Sainsbury’s for third straight year

British supermarket Sainsbury’s on Wednesday reported a third straight year of underlying profit decline, despite the boost to earnings from last year’s purchase of Argos, the general merchandise retailer. Sainsbury’s, which trails market leader Tesco in annual sales, also cautioned that it saw no let-up in the intensely competitive UK market any time soon. “The market remains competitive… Read More »

KitKat maker Nestle misses forecasts as profit falls

Nestle, which makes KitKats, Nescafe and Purina pet food, has said it will steepen its cost-cutting plan after unveiling disappointing results. Net profit for 2016 fell to 8.5bn Swiss francs (£6.78bn) from 9.1bn a year earlier. Analysts had expected 9.59bn francs’ worth of profit. Sluggish food inflation in most of its markets and easing demand in emerging markets… Read More »

Amazon forecasts unexpected profit dip

Amazon has said that plans to spend more on improving its warehouses and video content would hit profits in the current quarter. The online retail giant also narrowly missed analysts’ sales expectations for the busy holiday season. Amazon’s shares fell more than 4% in after-hours trading on Wall Street. The firm is spending heavily to take greater control… Read More »

Sainsbury’s sees tougher end to year after first-half profit falls

British supermarket Sainsbury’s (SBRY.L) warned that higher staff wages and its price battle with rivals would mean a tougher second half after first-half profit fell by 10 percent. Sainsbury’s is a distant second behind market leader Tesco (TSCO.L) in a retail sector which has been shaken by the rise of German discounters Aldi and Lidl. Seeking to expand… Read More »

Samsung slashes profit forecast over Galaxy Note 7 crisis

Samsung Electronics has slashed its quarterly profit forecast due to the scrapping of its Note 7 smartphone. The South Korean firm now expects third quarter profits of 5.2tn won ($4.7bn; £3.8bn), which is a third lower than its original estimate of 7.8tn won. The Note 7 was recalled last month after battery fires, but after replacement phones experienced… Read More »

Ericsson warns of 94% dive in profit as sales fall

Shares in Ericsson have dived after the Swedish telecoms company warned profits would be down by 94% for the third quarter. The stock slumped 16.7% in morning trading, wiping billions of dollars off the firm’s market value. Ericsson is struggling with weak demand for its mobile network equipment and fierce competition in some markets. It said quarterly income… Read More »

Tod’s core profit falls 16 percent on shrinking sales in China

Core profit at Italian luxury goods maker Tod’s (TOD.MI) was down 16 percent in the first half of the year with respect to 2015, bogged down by weak sales in Greater China and falling tourist spending in Europe and the United States. Tod’s said on Wednesday earnings before interest, tax, depreciation and amortization (EBITDA) in the first six… Read More »