US corporate results round up
AOL beats forecasts
AOL reported better-than-expected quarterly results yesterday and said it intends to hand over to shareholders 100 per cent of the proceeds from its patent sales to Microsoft.
First-quarter net income rose to $21m (£13m), up from $4.7m a year earlier.
Revenue fell four per cent to $529.4m but came in slightly above forecasts, in spite of lower premium ad sales in the US.
No miracle at Macy’s
RETAILER Macy’s kept its full-year profit forecast yesterday despite reporting better-than-expected first-quarter earnings, which sent the retailer’s shares down six per cent.
Macy’s reported net income of $181m for the quarter that ended 28 April, up 38 per cent over the profit of $131m a year earlier. The firm expects same-store sales to rise about 3.5 per cent for the rest of this year.
Record quarter at Cisco
NETWORK equipment maker Cisco Systems yesterday reported third quarter earnings that beat average analyst estimates.
The firm grew revenues seven per cent to $11.6bn (£7.19bn), while profits jumped by a fifth to $2.2bn. Cisco chairman and chief executive John Chambers said the firm hit record revenue in the third quarter and “continues to out-
perform our competitors.”