Earnings roundup: Citigroup, Sony Ericsson
By
Associated Press
July 18, 2008
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Among the earnings stories for Friday, July 18, from AP Financial News:
Top stories:
NEW YORK (AP) _ Citigroup posted another loss and laid off 6,000 employees in the second quarter as it struggled with surging loan defaults, but the $2.5 billion shortfall was smaller than Wall Street anticipated.
Other stories:
STOCKHOLM, Sweden (AP) _ Mobile phone maker Sony Ericsson says it will slash 2,000 jobs worldwide to cut costs. Friday's announcement came as Sony Ericsson posted a 97 percent drop in second-quarter net profit and said it planned to cut operating costs by 300 million euros a year.
SALT LAKE CITY (AP) _ Overstock.com said Friday its second-quarter loss was roughly half as big as its loss in the year-ago period, as it added half a million new customers and improved its gross margins.
NEW YORK (AP) _ Specialist firm LaBranche & Co. Inc. on Friday posted a narrower second-quarter loss, but adjusted results showed profit fell sharply, missing Wall Street expectations.
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