BT upbeat as Q3 core earnings meet forecasts
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Britain's BT Group Plc posted quarterly core earnings in line with forecasts on good revenue growth on Thursday, and forecast a strong outlook as it accounted for over a third of net broadband market additions.
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British mobile phone giant Vodafone Group Plc  beat market forecasts for quarterly customer additions on Wednesday, and reiterated its annual forecasts for revenue growth and profit margins.
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Consumer electronics retailer Best Buy Co  posted a higher-than-expected third-quarter profit on Tuesday on strong sales and raised its full-year earnings forecast.
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Rogers Communications Inc. credited surging earnings at its fast-growth wireless unit and foreign exchange gains for the cable, media and telecom group&#39;s third-quarter return to profit Tuesday.
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BT Group PLC, Britain&#39;s largest phone company, reported a 14 percent increase in second quarter net profit on Thursday, as growth in mobile telecommunications, broadband and IT services outweighed more declines in its traditional residential telecoms
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BT moved to bolster its position in the global market for providing communications services to multinational corporations yesterday with the $965m (Â£376m) acquisition of loss-making California telecoms group Infonet.
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CHARLOTTE, NC Bank of America&#39;s third-quarter profit meets Wall Street&#39;s expectations with a continued boost in business from the FleetBoston Financial merger.
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Earnings season is in full swing, and results this week from bellwethers like Google, Intel, and Nokia are fueling hopes for a strong fourth quarter while confirming the investor confidence that has led to a rebound in share prices of technology vendors.All eyes were on&#160;Google, which Thursday reported another stellar quarter. For the third quarter, net income was $1.07 billion compared with $733.4 million a year ago. Revenue leaped 57 percent to $4.23 billion. The company has made some investors nervous by expanding rapidly and spending a lot of money on acquisitions to fuel growth in new areas. However, its core search business manages to ward off the competition. Google shares jumped $6.14 to $639.62 right after its announcement.Google archrival&#160;Yahoo reported a 4.6 percent decline in third-quarter profit&#160;compared to a year ago Tuesday, but revenue climbed 12 percent to $1.76 billion. Company executives said they were weeding out poorly performing services and enhancing efforts in promising areas&#160;like ad-supported music services and e-mail offerings to small businesses. The company is also expanding efforts to support third-party developers with open APIs.Even though Yahoo has been blasted for its failure to steal search ad revenue from Google, investors and analysts appear to like its strategy. Citigroup maintained a &quot;buy&quot; rating on the company while RBC maintained an &quot;outperform&quot; rating. Yahoo shares jumped $2.13 to close at $28.82 the day after the report.The market might be tougher on Internet retailers. eBay reported Wednesday that revenue climbed 30 percent but that it suffered a loss because of a $1.39 billion charge for&#160;its acquisition of Internet phone pioneer Skype. Although the company raised its 2007 revenue target, investors apparently did not like the charge for Skype, which failed to make revenue goals. Shares of eBay lost $2.50 to close at $38.10 Thursday.In one of the most-anticipated results of the week,&#160;Intel got the earnings season off to a good start Tuesday, reporting revenue of $10.1 billion, a 15 percent increase year-over-year, while achieving net income of $1.9 billion, a whopping 43 percent increase. The price competition in the market is tough, but a jump in sales and a restructuring effort appears to be paying off. Intel jumped $1.24 to close at $26.72 the day after the report.AMD did not handle the price competition so well, however. Though it registered a 23 percent rise in sales, it posted another loss. Thursday,&#160;AMD reported that its net loss was $396 million, compared with a profit of $136 million in 2006.Reaction to IBM results were mixed Tuesday, when&#160;it reported profit of $2.36 billion, compared to $2.22 billion a year ago. Revenue was $24.1 billion, a 7 percent increase from last year. Though the numbers were better than expected, a disappointing 10 percent slip in hardware sales worried investors, who pushed down IBM shares Tuesday by $3.82 to close at $115.78.Nokia managed to offset declining prices of handsets with a jump in sales. Thursday it said that for the three months ending Sept. 30, net profit increased 85 percent over the third quarter of 2006, while sales rose 28 percent. Nokia shares closed Thursday at $37.64, up by $1.11.Concerns about the U.S. economy -- because of a declining housing market and an increase in mortgage defaults -- caused shares to tumble in July and August. But judging from results this week, IT vendors were not hard hit during the quarter and investors are likely to have high expectations for the rest of the year.
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New areas such as broadband internet connections and computer data services help BT offset a further slump in its fixed-line business.
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Moneysupermarket.com dispelled some of the gloom surrounding the financial services sector on Wednesday after saying it expected earnings to rise by 60 per cent this year.
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BT Group PLC said Thursday that it will speed up its broadband Internet service in a bid to grab more customers as it reported a 70 percent rise in profit but flat revenues for its third quarter.
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The company's fourth-quarter earnings beat analyst expectations.
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Consumer electronics retailer Best Buy  Co  posted a higher-than-expected third-quarter profit  on Tuesday on strong sales and raised its full-year earnings  forecast.
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Earnings meet analyst expectations, and company continues to gain momentum through wireless and fiber-to-the-home business.
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British computer and video games retailer Game Group Plc  said it expected its full-year profit to be ahead of an average market forecast after continued strong sales in the run-up to Christmas, boosting its shares.
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The company Friday said it expected to post a profit in the third quarter, thanks to Improved pricing and product mix and higher unit volume, reversing a year-ago loss.
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Telecoms operator BT Group on Thursday said net profits slumped 75 percent during its third quarter, skewed by an exceptional tax gain made the previous fiscal year.