Entries in First Quarter (8)


Apple Doubles First Quarter Sales, Sets $46 Billion Tech Record

Chris Ratcliffe/Bloomberg via Getty Images(CUPERTINO, Calif.) -- Despite the passing of the company’s co-founder and CEO Steve Jobs last October, Apple managed to have a stellar quarter to kick off its 2012 fiscal year, with sales of their beloved iPhone doubling the previous year’s numbers for the same period, blowing away Wall Street’s expectations.

Apple sold approximately 37 million iPhones and 15.4 million iPads in its first quarter, which ended Dec. 31.  The company’s first quarter profit more than doubled to $13.1 billion, up from $6 billion a year ago.  Sales rose 73 percent to $46.3 billion from $26.7 billion for the same period in 2010.

“We would attribute it to just a breath-taking customer reception of the iPhone 4S,” CEO Tim Cook said Tuesday.

The iPhone 4S, with its new personal assistant application Siri, has proven to be a hit with consumers, who again flocked to Apple stores in droves when the phone was rolled out in October.

Apple didn’t do too shabby on the personal computer end of its business either, with 5.2 million Macintosh computers sold in the quarter compared with 4.1 million in 2010.

The company looks forward to a rosy second quarter too, with $32.5 billion in revenue projected.

Copyright 2012 ABC News Radio


Home Prices Fall 3 Percent in First Quarter; Lowest Point Since 2008

Creatas/Thinkstock(SEATTLE) -- In yet another blow to the housing market, home values fell three percent in the first three months of this year -- more than many economists had expected.

The latest drop, reported by Monday, marks the biggest plunge in prices since 2008.  The real estate website also noted that home prices have fallen for 57 months in a row.

Paul Dales, a senior U.S. economist with Capital Economics, told ABC News Radio that first time home buyers are pretty much the only ones who are benefitting from the price dip.

"The one big positive in all this is that housing does pretty much look like the bargain of a lifetime based on some metrics.  It is incredibly undervalued when you compare the price of housing to disposable incomes, and mortgage rates are pretty much at a record low," Dales said.

And he doesn't expect things to change any time soon.

"I expect that we'll see a prolonged period of very rough stabilization in the market.  I don't think we'll see huge recovery in the housing market, perhaps for something like three to four years, maybe even longer," Dales said.

Copyright 2011 ABC News Radio


Chrysler Posts $116 Million Profit in First Quarter

Karen Bleier/AFP/Getty Images(AUBURN HILLS, Mich.) -- Chrysler is back to making a profit, according to figures released by the carmaker Monday.

During the first three months of 2011, Chrysler showed a $116 million profit -- a significant change, considering that over the same period last year it lost $197 million.

Futhermore, global sales of Chrysler cars were up 18 percent compared to the first quarter of 2010.

This is a far cry from just two years ago, when Chrysler was forced to declare bankruptcy and the Obama administration ordered the government to loan the company $12 billion.  That huge infusion of cash helped Chrysler get leaner and meaner.

In a statement, Chrysler Group's chief executive Sergio Marchionne celebrated a better sales showing, adding, "our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers."

Copyright 2011 ABC News Radio


Berkshire Hathaway Expects Decline in First-Quarter Profits

Jemal Countess/Getty Images for Time Inc.(OMAHA, Neb.) -- In his address at the Berkshire Hathaway Annual Shareholders meeting on Saturday, investor and philanthropist Warren Buffett is expected to inform shareholders that the company’s estimated 2011 first-quarter profits have decreased significantly when compared to profits from the previous year.

According to a press release from the company, Berkshire Hathaway expects to report about $1.5 billion in net earnings for the first three months of 2011, down from the $3.6 billion posted for the same period in 2010. One factor which led to the decline in expected profits is an estimated $1.07 billion in losses incurred as a result of the Japan earthquake in March. Buffet, who is the chairman and Chief Executive Officer of Berkshire Hathaway, is also expected to inform shareholders about significant losses caused by an earthquake in New Zealand and flooding in Australia earlier in the year.

Copyright 2011 ABC News Radio


Daimler Sees Net Profit Double in First Quarter

PRNewsFoto/Daimler AG(STUTTGART, Germany) -- Daimler announced Friday it made a net profit of 1.8 billion euros in the first quarter of this year, nearly doubling what the German automaker made during the same time period the year before.

The promising figure gave the company high hopes for future business.

"We achieved excellent earnings in the first quarter," said Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars.  "This puts us well ahead of our planning and confirms our positive outlook for the year 2011."

The latest net profit compares to the 612 million euros Daimler made in the first quarter of 2010.

Daimler also reported a revenue of 24.7 billion euro, an increase from last year's 21.2 billion.

Copyright 2011 ABC News Radio


Goodyear Announces Record Sales in First Quarter

Goodyear Tire & Rubber Company/PRNewsFoto(AKRON, Ohio) -- The Goodyear Tire & Rubber Company came out with its first quarterly report of 2011 Friday, announcing sales of $5.4 billion, the highest its ever achieved in any quarter.

The tire company's record-breaking sales were up 27 percent from the same time period last year.  Goodyear also said its first quarter net income was $103 million, or 42 cents per share, reversing the net loss of $47 million it tallied in 2010.

Meanwhile, tire sales amounted to 46.8 million, an increase of nearly seven percent from last year.

Copyright 2011 ABC News Radio


Stocks Up Wednesday as First-Quarter Earnings Are Reported

Comstock/Thinkstock(NEW YORK) -- The latest corporate earnings wowed the markets Wednesday.

The Dow closed up 190 points, the Nasdaq added 58 and the S&P gained 18 points by the end of the day's trading.

Tech companies padded their bottom lines. Chipmaker Intel's income rose 29 percent in the first quarter because of rising demand for PCs.

On the other hand, American Airlines' parent company, AMR, lost $436 million in the first quarter, hurt by bad weather that affected thousands of flights.

Copyright 2011 ABC News Radio


Visa Reports Strong Earnings in First Quarter

Photo Courtesy - Justin Sullivan/Getty Images(SAN FRANCISCO) -- Visa Inc. came out with its first quarterly report of 2011 Thursday, showing a net income of $884 million for the three months ended on Dec. 31, 2010.

The company also reported a net operating revenue of $2.2 billion in the first quarter, marking a 14 percent increase from the same time period in the prior year.

“Visa’s first quarter was a great start to our fiscal 2011 as evidenced by strong earnings fueled by continued growth in payments volume, cross border volume and processed transactions globally -- our core business,” said Visa Chairman and Chief Executive Officer Joseph Saunders. 

Copyright 2011 ABC News Radio

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