Several companies declared their quarterly earnings before the market opened Tuesday, while many companies are scheduled to report their financial results after the closing bell. Some notable earners are discussed here.
AOL Inc. (NYSE: AOL), a leading internet company, announced its fiscal 2011 second quarter earnings today. It reported a net loss of $11.8 million, or 11 cents per share in its Q2, compared to a net loss of $1.06 billion, or $9.89 per share a year ago. During the quarter, the company's revenue fell 8 percent to $542.2 million from its previous year's $592.2 million. Analysts had expected a net profit of 4 cents per share on revenue of $535.1 million for the firm. The company attributed the loss to a write-downs of $1.41 billion for the declining value of its assets and the sale of its social networking website Bebo. During the period, the company's advertising revenue grew 5 percent to $319 million, while subscription revenue fell 23 percent to $201.3 million. Shares slumped 16.39 percent or $2.47 to trade at $12.65.
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Dish Network Corp. (Nasdaq: DISH), a leading satellite TV provider, reported its FY2011 Q2 early today. It registered 30 percent growth in its Q2 net income to $334.8 million, or 75 cents per share, from $257 million or 57 cents per share, a year earlier. During the quarter, the company's revenue rose 13 percent to $3.59 billion from $3.17 billion. Analysts had forecasted earnings of 70 cents on revenue of $3.38 billion for the company. The company's net subscribers fell by about 135 thousand to 14.1 million. CEO Joe Clayton attributes the decline in subscribers due to increased competitive pressures including higher levels of discounting. Dish slipped 5.87 percent or $1.32 to trade at $21.32.
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Apollo Global Management, LLC (NYSE: APO), a private equity investment firm founded in 1990 by former Drexel Burnham Lambert banker Leon Black, announced that its FY2011 Q2 net profit rose 510 percent today. It registered net profit of $139.6 million during its Q2, up from $22.9 million a year earlier. During the period, the company's revenue jumped to $308.9 million from $79.3 million in the same quarter last-year. During the quarter, all of Apollo's operations showed improvement and its leveraged buyout unit nearly tripled its economic net income to $117.5 million. Analysts were expected a net profit of 40 cents per share for the company.