February 6, 2014 |
Media company 21st Century Fox's fiscal second-quarter profit dropped 12%, largely because big-ticket feature films landed with a thud at the box office and singing competitions on the Fox TV network have been hitting sour notes. Fox's once-formidable "American Idol" no longer is invincible. The softer "Idol" ratings, and thus lower ad sales, contributed to Fox executives warning Wall Street on Thursday that its full-year earnings would not be as robust as initially thought. Weakness at Los Angeles film studio 20th Century Fox has put an even bigger drag on the company's bottom line.
February 6, 2014 |
Sony Pictures Entertainment reported a profit of $231 million in the fiscal third quarter ending Dec. 31, a significant improvement from the previous quarter, when it lost $181 million. However, the film and television studio's profit was down 4.2% from the same period a year ago. Revenue was up 7.1% to $2.131 billion. Sony Pictures, a unit of Tokyo-based Sony Corp., is in the midst of a major cost-cutting initiative. The studio has said it will slash at least $350 million in overhead, and has been laying off employees.
February 5, 2014
Magic Johnson said Wednesday that his investment group can turn the Sparks into a profitable WNBA team. "We know what we're up against and that's OK," Johnson said. "We love challenges. We feel, yes, we're going to eventually make a profit, no question about it. That's why we're in business, to make a profit. " The investment group, led by Lakers legend Johnson and the Dodgers' controlling owner Mark Walter, purchased the Sparks from Paula Madison and her family-owned business.
February 5, 2014 |
Walt Disney Co. reported a 33% increase in net income for its fiscal first quarter, lifted in part by the performance of its hit movies "Frozen" and "Thor: The Dark World. " The Burbank company posted net income of $1.84 billion for the quarter that ended Dec. 28, up from $1.38 billion a year earlier. Revenue rose 9% to $12.31 billion. Disney, the world's largest entertainment and media company, posted earnings of $1.03 a share, up from 77 cents a year earlier. That exceeded the expectations of analysts, who had predicted earnings of 91 cents a share, according to investment research firm Zacks.
January 31, 2014 |
If there was a winner among the piles of gifts given to children this Christmas, Barbie certainly wasn't it. The fashion doll - possibly the best-known player in Mattel Inc.'s stable of products - endured a 13% sales slide during the company's fourth quarter. "We just didn't sell enough Barbie dolls," Mattel Chief Executive Bryan G. Stockton said Friday in a conference call with analysts. Several other brands from the El Segundo toy maker also fared poorly. Fisher-Price, whose lineup focuses on infants and young children, also suffered a 13% revenue plunge.
January 30, 2014 |
SAN FRANCISCO - As far as Wall Street is concerned, Google Inc. can build all the robots and self-driving cars that it wants as long as it keeps growing its main business: online advertising. And increasingly, that means selling ads that are shown on mobile devices. Google reported Thursday that fourth-quarter net income and revenue rose 17%, to $3.38 billion and $16.86 billion, respectively. The technology giant, however, continued to struggle with a decline in online ad prices.
January 30, 2014 |
Media company Viacom Inc. reported 16% higher profit in its fiscal first quarter but revenue dipped -- raising worries on Wall Street about a slow-down in domestic advertising sales. But blame Paramount Pictures, the Los Angeles-based movie studio, for Viacom's lower revenue in the quarter ended Dec. 31. Studio revenue plunged 30% to $681 million because of fewer movie releases compared to the year-earlier period. TIMELINE: Best Super Bowl commercials Paramount lost $74 million in the quarter, which was an improvement over the previous year period when the studio lost $139 million.
January 30, 2014 |
Occidental Petroleum reported higher profits in the fourth quarter as the oil and gas producer seeks to revamp its business after a boardroom shakeup last year. The Los Angeles company reported profits of $1.6 billion, or $2.04 a share, in the quarter that ended Dec. 31. That is up from $336 million, or 42 cents a share, in the same period a year ago. Occidental announced last year plans to sell off some stakes in Middle East and North Africa oil fields along with other assets and instead focus on operations closer to home.
January 29, 2014 |
The newly merged Chrysler and Fiat auto companies reported profitable fourth quarters Wednesday and announced a series of transactions that will combine control of the carmakers into a Netherlands-based holding company. The creation of Fiat Chrysler Automobiles -- the name of the combined company -- demonstrates the increasingly global nature of the auto business. While the headquarters, essentially the administrative function of the business -- will be based in the Netherlands, shares of the automaker will trade on the New York Stock Exchange.
January 27, 2014 |
Clean Energy Fuels Corp., the Seal Beach company that builds and operates natural-gas filling stations for some of the nation's biggest bus and truck fleets, is banking on corporate customers to buy more clean-energy vehicles this year. Executives hope that a growing fleet will boost sales of natural gas and propel Clean Energy to its first annual profit since its 1997 founding by Texas billionaire T. Boone Pickens, the onetime oil baron and corporate raider, and the company's chief executive, Andrew Littlefair.