DVD rental firm sees profit shrinking in 2005
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SAN FRANCISCO (CBS.MW) -- Shares of Netflix tumbled 37 percent following the company&#39;s revelation that it plans to cut prices and sacrifice profit in order to stay competitive.
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Rentokil Initial Plc, the world&#39;s largest pest controller, said profit fell 12 percent in the first 10 months and will weaken further in 2005.
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Quarterly net profit fell to $81 million, from $133 million a year earlier, as the company took charges related to restructuring and disposing of some vending machines.
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For many collectors, owning DVDs is becoming more important than actually watching them.
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The DVD-renting pioneer obliterates quarterly targets.
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Media giant Time Warner Inc. said Wednesday that third-quarter earnings declined year-over-year, and said it established $500 million in legal reserves related to pending government investigations and intends
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The entertainment industry publication Daily Variety is reporting this morning that Universal is preparing to gracefully back out of its commitment to the HD DVD format.
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Online DVD rental company Netflix Inc. on Thursday cut its subscription price and said it was changing its strategy to sacrifice profits for growth in the face of growing competition, sending its shares plunging to their lowest level in almost a year-and-a-half.
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The company reported a $2.15 billion tax benefit but said overall revenue dipped because of a 19 percent drop in traditional wholesale services.
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Rank Group Plc, a UK distributor of movies for half a century, plans to exit the film industry after losses at its DVD and cinema production business.
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Time Warner, the world&#39;s largest media company, on Wednesday said third-quarter profit fell as it established a $500m legal reserve and it will restate results for its AOL Europe unit prior to 2002.
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Time Warner reported revenue growth of 5% for its third quarter, but net income declined and the company may have to restate its financial results for 2002 in connection with the investigation of accounting practices at its AOL division, the company said
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Data from several researchers indicate that Blu-ray may be beginning to falter as HD DVD builds momentum thanks to price cuts on its standalone players.
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Annual results show a drop in profits despite better efficiency.
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After increasing at double-digit rates for most of the last five years, corporate profits are about to decline for the second straight quarter, if analysts are correct.
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Regal Entertainment Group, the country&#39;s largest owner of movie theaters, Tuesday said its profit fell 37 percent in the third quarter, as box office receipts slipped.
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Sharper Image Corp., which sells robotic vacuum cleaners and massage chairs, reduced its full-year profit forecast because holiday sales were disappointing.