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Google, IBM Surprise
After hours: Google reports lackluster revenue growth; CIT and Badger Meter shares fall.IBM reported a 13% slide in revenue as corporate spending fell, but cost cuts and a shift to more profitable businesses helped it trump earnings expectations, and the company raised its profit outlook for the full year. International Business Machines Corp said it now expects 2009 earnings of at least US$9.70 per share, up from its previous outlook of US$9.20, helping its shares rise as much as 3% in after-hours trading on Thursday. Analysts said the higher outlook took the disappointment out of lower-than-expected second-quarter revenue, which fell to US$23.3B from US$26.8B a year earlier. Analysts' average forecast had been for US$23.5B. Net profit for the quarter rose to US$3.1B from US$2.8B in the Q-2 Y 2008. Profit per share rose to US$2.32 from US$1.97, much higher than the average Wall Street forecast of US$2.01/share, according to Reuters Estimates.
JPMorgan’s Profits Soar On Trading
Even as it weathers the worst economic downturn in decades, JPMorgan Chase on Thursday announced a $2.7 billion second-quarter profit from stellar trading and investment banking results.
The strong showing may put to rest some worries that the bank was allowed to pay back its $25 billion taxpayer investment too early, after it passed the United States government’s stress test in May. But along with Goldman Sachs, its quick resurgence is bound to raise new concerns about soaring pay levels and growing clout in Washington.
The firm’s quarterly profit was 28 cents per share, less than the 53 cents per share it reported in the comparable quarter a year ago. But it was well above the average estimate among Wall Street analysts of about four cents a share.
Inside Look – Is CIT Bankruptcy Inevitable? – Bloomberg
Analysis and Discussion with Egan-Jones Ratings President Sean Egan (Bloomberg News)
China GDP grows 7.9 pct
Jul 16 – China’s investment, retail sales show strong domestic demand and the country is seen on track for 8 pct full 2009 target….
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