Facebook's second-quarter earnings beat Wall Street's expectations

Business / Business News /

MENLO PARK, Calif. -- Facebook's growth picked up more momentum on Wednesday with the tech firm reporting second-quarter sales and earnings that beat Wall Street's expectations.

Driven by mobile ad sales, Facebook raked in $6.4 billion in the second quarter, up 59 percent from the same period last year. That's better than the $6 billion in ...Read more

Whole Foods' earnings report misses analyst forecast; shares fall

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AUSTIN, Texas -- Austin-based Whole Foods Market issued a mixed third-quarter earnings report on Wednesday, missing on some Wall Street forecasts and triggering a drop in the retailer's stock in after-hours trading.

Whole Foods said it had record revenue for the quarter of more than $3.7 billion with earnings per share of 37 cents. Thomson ...Read more

SpaceX will spend $300 million on Red Dragon Mars mission, NASA says

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LOS ANGELES -- SpaceX is likely spending about $300 million on its unmanned Red Dragon Mars mission, according to NASA estimates.

The topic came up at a NASA Advisory Council committee meeting Tuesday, when agency official Jim Reuter said SpaceX's spending on the mission was about 10 times that of NASA's, according to Space News.

NASA said it ...Read more

Amazon opening third Chicago-area warehouse

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CHICAGO -- E-commerce giant Amazon is opening a third Chicago-area fulfillment center in the suburb of Romeoville. The company didn't receive any local or state tax breaks.

Employees at the more than 750,000-square-foot warehouse will pick, pack and ship large items, such as big-screen TVs, sports equipment and kayaks, Amazon said in a news ...Read more

Goodyear reports increase in net income; tire unit volumes up

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AKON, Ohio -- Goodyear Tire & Rubber Co. said Wednesday that second-quarter net income was $202 million, or 75 cents per share, up from $192 million, or 70 cents per share, in the year-ago quarter.

The Akron-headquartered tire-maker said the improvement was primarily due to a decrease in income tax expense.

Adjusted net income was $314 million...Read more

Fed holds key interest rate steady but signals a hike could come this fall

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WASHINGTON -- Federal Reserve policymakers said Wednesday they were holding a key interest rate steady but signaled a hike could come this fall as their concerns have eased about a slowing job market and the fallout from Britain's vote to leave the European Union.

Following a two-day meeting, central bank officials voted to keep the federal ...Read more

Lower Universal film revenue drags on Comcast earnings

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LOS ANGELES -- A sharp decline in box office revenue from Universal Pictures weighed on second quarterly earnings for parent company Comcast Corp.

Revenue from Universal movies totaled $1.35 billion in the three months that ended June 30, down 40 percent from the same period last year when the Los Angeles studio released the massive hits "...Read more

Mondelez hopes for sweet success as it launches chocolate in China

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CHICAGO -- Mondelez, the maker of iconic brands including Cadbury and Nabisco, will start selling its Milka brand chocolate in China in September, hoping to capture a slice of a still-small market the company believes is ripe for opportunity.

The company, headquartered in suburban Chicago, already sells items from its biscuit and gum categories...Read more

Comcast reports modest drop in profits in a solid Q2

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PHILADELPHIA -- Comcast Corp.'s second-quarter revenues rose a slim 2.8 percent and the company reported a modest decline in profits as its slate of Hollywood movies couldn't repeat the remarkable run of blockbusters that it had in 2015.

Otherwise the cable and entertainment conglomerate had a solid quarter as it continued healing its pay-TV ...Read more

Justice Department: University of Pittsburgh Medical Center, affiliates agree to pay $2.5M for false billing claims

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PITTSBURGH -- The Justice Department said Wednesday that the University of Pittsburgh Medical Center and three affiliates have agreed to pay $2.5 million to settle claims that they submitted false bills for payment to Medicare.

The settlement includes University of Pittsburgh Physicians, UPMC Community Medicine and Tri-State Neurosurgical ...Read more

T-Mobile beats expectations on earnings, now has more than 67 million customers

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SEATTLE -- T-Mobile added 1.9 million customers during its second quarter, bringing its total number of customers to more than 67 million.

The Seattle-area telecom reported profit of $225 million on revenue of $9.2 billion for the quarter, beating analyst expectations and sending the stock price up more than 1 percent to about $45.72 during ...Read more

Verizon to gain Yahoo's Silicon Valley real estate

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With its $4.8 billion acquisition of Yahoo, Verizon has snatched up an internet pioneer with a massive audience.

But it has also secured something equally coveted in Silicon Valley: real estate.

When the deal closes, the New York telecom giant will become one of the largest office landlords in the nation's technology hub thanks to the roughly ...Read more

Tesla racing to get its $5 billion battery plant up and running

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SPARKS, Nev. -- On a lonely mountain plain half an hour east of Reno, off a street named Electric Avenue, Tesla Motors Co. is building a massive battery plant called Gigafactory 1.

It's a huge bet for a company known for taking risks: When it's fully up and running, the $5 billion plant will almost double the world's production of lithium-ion ...Read more

Tech Q&A: Helping a 'smart' TV connect to Netflix

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Q: I own a Samsung Smart TV that can't connect to Netflix, even though it connects to every other streaming service available through the TV. I called Samsung, and they told me to call Netflix. I called Netflix, and they said to contact Comcast, my internet service provider. A Comcast technician said there's something wrong with my TV's Netflix ...Read more

Fiat Chrysler's astounding sales streak actually ended in 2013, company says after revision

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DETROIT -- Fiat Chrysler Automobiles on Tuesday said it has revised the way it counts monthly sales figures of new cars and trucks and dropped its claim that it had seen 75 consecutive months of sales gains, saying the streak actually ended in September 2013.

The automaker issued a lengthy explanation of its sales reporting practices and ...Read more

EHarmony's new CEO vows to make app simpler as founder retires for second time

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LOS ANGELES -- EHarmony founder Neil Clark Warren left retirement four years ago to bring the struggling dating website back to relevance.

Mission accomplished.

The Los Angeles company announced Tuesday that Warren, 81, will step down as chief executive and return to retirement, though he's likely to remain the board of directors' chairman. ...Read more

Twitter's stock falls after second-quarter revenue miss

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SAN FRANCISCO -- Twitter's stock on Tuesday tumbled more than 9 percent in after-hours trading after the company missed Wall Street's revenue expectations in the second quarter. The tech firm did however report earnings that were better than expected and grew its number of users.

From April to June, the company raked in $602 million in sales, ...Read more

US airfares cheapest they've been since 2010

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U.S. airfares were the cheapest they've been since 2010 in the first quarter of 2016, the federal government said Tuesday.

The average price of a domestic ticket dropped to $361 in the first quarter, down 7.8 percent from the same period in 2015, according to the U.S. Department of Transportation's Bureau of Transportation Statistics.

The fare...Read more

Apple's services gains lead better-than-expected quarterly results

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CUPERTINO, Calif. -- Apple on Tuesday reported quarterly results that were better than expected, as big gains from the company's burgeoning services business helped partially offset a second-straight decline in year-over-year sales of iPhones.

Apple said that for its fiscal third quarter, it sold 40.4 million iPhones, compared with sales of 47....Read more

Tesla car mangled in fatal crash was on Autopilot and speeding, NTSB says

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The Tesla car involved in a fatal crash in Florida this spring was in Autopilot mode and going about 10 miles faster than the speed limit, according to safety regulators, who also released a picture of the mangled vehicle.

Earlier reports had stated the Tesla Model S struck a big rig while traveling on a divided highway in central Florida, and ...Read more