Earnings News

SAN FRANCISCO (Reuters) - Dell Inc posted a surprisingly steep drop in quarterly earnings on Thursday and said companies around the world are cutting back on technology spending, sending its shares tumbling 10 percent and sparking fears of weakness in the whole tech sector.

CHICAGO - Beleaguered retailer Sears Holdings Corp. reported a hefty drop in second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who've taken their checkbooks elsewhere.

NEW YORK - Rising sales in Asia and Europe boosted Tiffany & Co.'s second-quarter profit on Thursday, signaling that strong international demand for jewelry is helping offset U.S. economic weakness.

A look at how retailer Sears Holdings Corp. performed during the second quarter.

SAN FRANCISCO (Reuters) - Diversified U.S. chipmaker Marvell Technology Group Ltd posted better-than-expected profit on Thursday as revenues grew strongly in the second quarter.

Positive outlooks from jewelry retailers suggest confidence in the coming months, despite a softening U.S. economy that has many Americans holding back on discretionary spending.

LONDON - Diageo PLC, the world's largest producer and distributor of alcoholic drinks, said it is pushing ahead with its focus on premium sales as it posted a small rise in full-year net profit on Thursday and cut its earnings forecasts for the current year.

BEIJING - China Telecom Ltd. said Thursday its first-half earnings slipped 8 percent as revenues for fixed-line voice service shrank and warned it faces pressure on profits as Beijing carries out a planned restructuring of its telecoms industry.

ATLANTA (Reuters) - Sears Holdings Corp posted a quarterly profit that fell far short of Wall Street expectations and cut its full-year earnings forecast as consumers scaled back shopping in a weak U.S. economy.

NEW YORK - TiVo Inc. managed consecutive quarters of profitability for the first time ever despite eroding subscriptions, demonstrating that the pioneer in digital video recorders is on track in reducing marketing expenses and subsidies.

NEW YORK (Reuters) - U.S. jewelers are confident they will prevail this holiday shopping season, betting that upscale and middle-income customers won't resist buying baubles despite a weak economy.

NEW YORK - Jewelry retailer Tiffany says second-quarter profit doubled, beating Wall Street expectations as sales rose by double-digit percentages in Asia and Europe.

NEW YORK (Reuters) - U.S. jeweler Tiffany & Co posted a higher quarterly profit on Thursday, benefiting from strong international sales and solid tourist spending at its New York flagship store.

PARIS (Reuters) - French banks showed the scars of the financial crisis on Thursday, with heavy asset writedowns stripping Credit Agricole of all but a sliver of profit and plunging Natixis to a billion euro loss.

SHANGHAI, China - Earnings results announced Wednesday by major Chinese oil companies were in line with expectations, with industry leader PetroChina's first-half net profit falling 34.5 percent amid rising losses in its refining business.

LONDON - Taylor Wimpey PLC, Britain's largest homebuilder by volume, reported a $2.6 billion loss for the first half of the year on Wednesday, reflecting a nearly $2.8 billion write-down in the value of its assets.

CHICAGO (Reuters) - Dollar Tree Inc reported a higher profit on Wednesday but gave a forecast for the full year that fell short of Wall Street expectations, sending the retailer's shares down more than 6 percent.

NEW YORK (Reuters) - Brown Shoe Co Inc posted a lower-than-expected quarterly profit and cut its full-year outlook and store growth plans, citing caution as shoppers curb spending on items such as shoes and clothing.

AMSTERDAM (Reuters) - Heineken NV , the world's third-largest beermaker, posted a 7.4 percent rise in operating profit and better-than-expected sales on Wednesday despite higher grain and packaging costs, lifting its shares by 2 percent.

SHANGHAI, China - PetroChina's first-half net profit fell 34.5 percent, the oil company said Wednesday, amid rising losses in its refining business mainly due to Chinese domestic price controls.

WASHINGTON (Reuters) - The number of troubled U.S. banks rose 30 percent to 117 in the second quarter, the highest level in five years, and a top regulator warned that conditions will worsen as the housing slump and credit crisis continues to pound profitability.

HONG KONG (Reuters) - China Mobile (0941.HK), the world's largest wireless operator, posted a 51 percent rise in quarterly profit on strong subscriber growth, but faces new competition in China's revamped telecoms sector.

PORTLAND, Ore. - Bookseller Borders Group Inc. said Tuesday that it narrowed its losses and slashed its debt during the second quarter, but continued to see sales slow as consumers limited their discretionary spending.

SUNNYVALE, Calif. - Applied Signal Technology Inc., which makes signal-processing equipment for military and surveillance applications, said Tuesday its net income doubled in its latest quarter.

MILWAUKEE - Smithfield Foods Inc. swung to a loss in its fiscal first quarter as high commodity costs hurt the nation's largest pork producer and processor. The commodities market is so volatile, its chief executive said, the company doesn't even want to try to predict its future earnings.

NEW YORK - TiVo Inc., a pioneer in digital video recorders, reports earnings for the fiscal second quarter, which ended on July 31, after the closing bell Wednesday. The following is a summary of key developments and analyst opinion related to the period.

MELBOURNE, Australia - Rio Tinto Ltd., the world's third-largest mining company, said Tuesday that half-year profit more than doubled to a record on strong demand from China for iron ore and other metals.

NEW YORK (Reuters) - Big Lots Inc said profit rose as shoppers sought low prices at its stores, but its shares fell as much as 6 percent after it said same-store sales for the rest of the year would likely trail the first half.

SHANGHAI, China - PetroChina is expected to report that its first-half net profit fell by at least a third, analysts say, as losses in its refining business eroded gains from surging crude oil prices.