Shares in Office Depot rise on plan to shut 400 stores in the States
Office Depot has raised its forecast for full-year adjusted profit and said it would close at least 400 stores in the United States over two years, sending the office supply retailer's shares up about 15 per cent at the start of trading in New York. The company also reported better-than-expected quarterly results due to cost cutting.
Liberty Global lifted by boost in subscribers as revenue increases
London-based cable company Liberty Global revealed strong first quarter results last night, beating expectations. Revenue rose 70 per cent to $4.53bn (£2.6bn), the company reported, but net loss widened from $1m a year ago to $78.8m. This was driven by “realised and unrealized losses on derivative instruments,” Liberty Global said in a statement.
Emerson Electric is feeling the chill from freezing US weather
The freezing winter and sluggish business investment in the United States has hit trading at Emerson Electric, which yesterday posted a two per cent fall in net sales to $5.8bn. Net earnings fell two per cent to $561m, though the manufacturing giant said activity had picked up towards the end of the quarter.
Activision stumps up $500m for its next blockbuster game franchise
Activision Blizzard intends to spend $500m developing and promoting “Destiny”, potentially breaking industry records as it seeks to build the sci-fi role-playing videogame into its next multibillion-dollar franchise. To break even, Activision would have to sell about 15m to 16m units of a $60 game, analysts said.
Revenue and earnings up for Trip Advisor after advertising boost
Travel review site Trip Advisor reported revenue and earnings increases after the bell in New York last night. Revenue climbed from $230m to $281m with earnings of 47 cents per share, up from 43 cents in the same quarter last year. Trip Advisor said advertising made the crucial difference.
Shares slump after hours for Whole Foods as results miss expectations
Shares in Whole Foods slumped by as much as 10 per cent in after-hours trading last night after the company’s first quarter results failed to meet analyst expectations. Sales rose to $3.32bn from $3.03bn but analysts were looking for $3.34bn. Whole Foods also announced cuts to its full-year profit and sales outlook.