Sprint Nextel
More customers stuck around in the first quarter but did so for cheaper service, and the wireless company posted a larger loss than a year earlier. Results matched expectations.
Sprint Nextel said Wednesday it lost a net 75,000 subscribers in the first three months of 2010, compared with a decline of 182,000 in the same quarter last year.
Its quarterly loss amounted to $865 million, 29 cents per share, compared with a loss of $594 million, 21 cents per share, a year earlier. Revenue slipped 2 percent to $8.09 billion.
AOL
Tumbling online-advertising revenue, along with restructuring costs, led to a 58 percent drop in first-quarter net profit.
The company, which separated from Time Warner last year, earned $34.7 million, 32 cents per share. This compares with $82.7 million, 78 cents per share, in the year-ago quarter. Revenue fell 23 percent to $664.3 million.
Goodyear Tire & Rubber
Global sales sharply improved, but charges led by a Venezuelan currency devaluation dragged it to a first-quarter loss.
Goodyear reported that it lost $47 million, 19 cents a share, in the quarter ended March 31. It lost $333 million, $1.38 per share, a year ago.
Excluding the charges, Goodyear would have earned 18 cents a share. Analysts expected a 2-cents-a-share loss, excluding charges.
Revenue rose to $4.3 billion from $3.6 billion.
Dow Chemical
Consumers across much of the globe are starting to spend more on furniture, electronics and appliances.
Net income rose to $466 million, 41 cents a share, after paying preferred dividends. A year ago, it earned $24 million, 3 cents a share.
Excluding certain items, Dow earned 43 cents per share. Revenue rose 48 percent to $13.42 billion. Wall Street expected earnings of 30 cents per share.
IAC/InterActiveCorp
First-quarter losses narrowed as online advertising bounced back from a slump that persisted throughout most of last year.
For the first three months of the year, the company run by media billionaire Barry Diller had a net loss of $18.7 million, 16 cents per share, compared with a net loss of $28.4 million, 19 cents per share, in the year-ago quarter. Revenue for the New York-based company climbed 16 percent to $385.9 million.
Northrop Grumman
First-quarter profit increased 20 percent, led by strong growth in shipbuilding. Northrop Grumman reported overall net income of $469 million, $1.53 a share, for the first three months of the year. That compares with $389 million, $1.17 a share, in the same period last year. Revenue increased 9 percent to $8.61 billion.
