Liberty Media
The Douglas County-based media company said Thursday third-quarter revenue was mixed at its three business units, as QVC’s revenue dropped on tightened consumer spending.
QVC Shopping Network’s revenue slipped 3 percent to $1.64 billion as customers became more budget-conscious.
Revenue from Liberty Interactive Group, which includes QVC and a variety of online assets, edged up 2 percent on the December acquisition of Bodybuilding LLC and growth at its other e-commerce properties.
Revenue from Liberty Entertainment group, which includes Starz Entertainment LLC and a stake in DirecTV Group Inc., surged 21 percent on the February acquisition of Liberty Sports Group.
Starz revenue dipped 1 percent to $278 million.
Eastman Kodak
The photography pioneer, already slim from retooling for the digital age, said Thursday it is slashing its full- year profit and sales forecast and eliminating more jobs because of the darkening global climate. Its stock fell more than 6 percent.
The pullback overshadowed third-quarter results — its profit more than doubled as its sales dropped 5 percent. Driven by digital cameras, picture frames and inkjet printers, it earned $96 million, or 33 cents a share, up from $37 million, or 13 cents, a year earlier.
Excluding one-time items, notably a 31-cent gain from cutting medical coverage for retirees, its profit of 22 cents a share on sales of $2.41 billion fell short of Wall Street’s expectations.
Sun Microsystems
The maker of computer servers posted a $1.7 billion loss for its latest quarter Thursday as the maker of servers and business software wrote down the value of the company because of the slow economy and the huge decline in its stock price.
Even excluding the goodwill write-down, Sun’s results came in at the low end of its own forecast, which was lowered last week, and below analyst expectations.
The Santa Clara, Calif.-based company lost $1.68 billion, or $2.24 per share, in its fiscal first quarter, which ended Sept. 28.
In the same period last year, it earned $89 million, or 10 cents per share.
Sales fell 7.1 percent to $2.99 billion, coming in below the analyst forecast of $3.05 billion.
