Monster Worldwide Restates 9 Years of Earnings
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The owner of the most used online job-listing service reduced past earnings by $271.9 million to correct stock-based compensation costs.
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McDonald's Corp.  said on Friday it generated &#36;3.9 billion in cash from its operations in 2004 due to a strong performance from its restaurants open for at least a year.
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(InfoWorld) - Google's revenue continued to climb in the second quarter with the company reporting revenue of $3.87 billion, up 58 percent compared to the same quarter last year. Net income for the quarter, which ended June 30, was $925 million, down just slightly from $1 billion in the first quarter. On a non-GAAP (generally accepted accounting principles) basis, net income for the quarter was $1.12 billion, compared to $1.16 billion in the first quarter. Google-owned sites generated revenue of $2.49 billion, or 64 percent of revenue for the quarter, an improvement of 74 percent over the same quarter last year. Revenue outside of the U.S. was $1.84 billion, or 48 percent of total revenue for the quarter. That's up from 42 percent in the second quarter 2006. Google was pleased with its international expansion. "We continue to make significant international investments and we're seeing the benefits of this strategy," said George Reyes, CFO, during a conference call to discuss the earnings. Europe drove international growth for the search giant, with Spain, Italy, and France leading the charge and Germany and the U.K. also serving as significant revenue drivers, he said. The company continues to hire new workers in its international sites and expand product support in international markets. Paid clicks grew by 47 percent compared to the second quarter of 2006. That includes clicks related to ads served on Google sites as well as the sites of AdSense customers. Earnings per share was a bit lower than expected by analysts. Non-GAAP earnings per share for the second quarter was $3.56, down from $3.68 in the first quarter and a few cents shy of the $3.59 expected by financial analysts polled by Thomson Financial. Google's rift with eBay Inc. during the quarter didn't have a negative affect on earnings, executives said. In June, eBay pulled all of its ads from Google's AdSense network. The auction giant later returned to AdSense but at a significantly lower level. Even though eBay has been the largest advertiser on AdSense, there was no impact on Google from the change, said Eric Schmidt, chairman and CEO of Google. "EBay is a long term partner for Google and while it's true they adjusted their mix in our ad model, they continue to be a significant advertiser," he said. "We did not see an impact on Google from the changes they talk about that they made." During the call with financial analysts, Schmidt touched on Google's interest in upcoming wireless spectrum auctions. Google wants to see consumers buy any mobile device and be able to connect to a wireless network and use the full capability of the Internet, he said. That's because he wants those users to become Google advertising customers. "There's a direct connection between the open interoperable network we're arguing for in the FCC filing and so forth and the usage of Google services," he said. Google filed a document with the Federal Communications Commission urging the agency to make changes to the rules for an upcoming spectrum auction in order to ensure that the resulting networks are open. Google's earnings report comes against the backdrop of hints of a challenge to the company'sÂ proposed acquisition of DoubleClick. A U.S. House of Representatives subcommittee hasÂ opened an investigation into the proposed $1 billion acquisition. The executives did not discuss the proposed merger, but Schmidt did touch on legal woes for the company. The two most significant lawsuits Google faces at the moment include those related to its book search project and the suit filed by Viacom related to YouTube, the online video site that Google owns. Schmidt called the suits very important and said he wished they could be solved by technology or otherwise. He also cautioned that governments around the world could potentially find some of Google's activities inappropriate and that could become the source of future legal troubles. For now, however, there are no such threats, he said. This story was updated on July 19, 2007 Â
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Fannie Mae, the biggest source of money for US home mortgages, may have to restate earnings by as much as $9 billion after the Securities and Exchange Commission said it broke accounting rules.
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Mistated results from 1997 to 2005... the online recruitment site - has told the Securities and Exchange Commission (SEC) that it has been over-stating its profits since the late 90s.â¦
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Executive search firm Heidrick &amp; Struggles International Inc. on Friday said it earned nearly &#36;130 million by selling Google Inc. stock it got as payment for finding the Internet company a new CEO in 2001.
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General Electric Co.  reported a 9.6 percent rise in quarterly earnings Friday, in line with Wall Street expectations, on strong demand for jet engines, gas turbines and other heavy equipment, sending its shares to a five-year high.
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The company posted fourth-quarter profit of $414.9 million, helped by growth in emerging markets and the weaker dollar.
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The San Francisco-based company said that it earned $267 million during its fiscal fourth quarter, which ended Nov. 25, up from $96 million at the same time in 2006.
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By Review-Journal  REVIEW-JOURNAL  American Pacific Corp. of Las Vegas on Tuesday reported a first- quarter profit, reversing a year-earlier loss.  The chemical manufacturer said it earned $639,000, or 9 cents per share, for the three months ended  Dec.
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The company said fourth-quarter earnings fell from year-ago results that included a one-time gain. But adjusted profit exceeded expectations on Wall Street, driven by higher sales.
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Procter & Gamble Co.  should return to double-digit earnings per share growth by fiscal 2008, Chief Financial Officer Clayt Daley said on Thursday.
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Shares of Monster Worldwide Inc.  , parent of jobs Web site Monster.com, fell more than 2  percent on Wednesday after it said its chief financial officer  was resigning in a management shake-up.
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IBM , the world's largest technology services company, on Wednesday posted a higher quarterly profit as revenue rose 9 percent, helped by software-company acquisitions and growth in computer services.
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The New York Times Co., seeking to recapture a portion of classified ad revenue that has shifted to the Internet, agreed Wednesday to jointly sell help wanted ads with online jobs site Monster Worldwide Inc.
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IBM on Monday said fourth-quarter revenue, aided by exchange rates and sales outside the U.S., stood at $28.9 billion, an increase of 10 percent over the same period in 2006.The figure, which topped predictions of $27.82 billion by analysts polled by Thomson First Call, was helped by the ongoing weakness in the dollar, IBM said.Samuel J. Palmisano, IBM&#39;s chairman, president and chief executive officer, said in a statement that the results were also helped by strong sales in Asia, Europe, and emerging markets.IBM said it earned $2.80 per share in the quarter, handily beating the analysts&#39; forecast of $2.60 per share. The results represent a 24 percent increase over the same period in 2006, when IBM earned $2.26 per share.Total revenue for 2007 was $98.6 billion, an 8 increase from 2006. Overall earnings for 2007 were $7.18 per share, a rise of 18 percent over 2006, according to IBM.The company also said it had more than $16 billion in cash on hand at the end of 2007.Shares of IBM shot up nearly 8 percent on the news in premarket trading Monday, to $105.36.IBM plans to provide a full earnings report during a webcast on Thursday.
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Shares of Monster Worldwide Inc. , parent of jobs Web site Monster.com, fell more than 2 percent on Wednesday after it said its chief financial officer was resigning in a management shake-up.