BUSINESS NEWS JANUARY 19th 2016
IBM REVENUES DECLINE FOR 15TH STRAIGHT QUARTER
U.S. stocks finished mostly higher today as the major indices managed to hold on to minor gains amid a renewed slump in oil prices. Technology giant IBM reported its revenue fell year-on-year for a 15th straight quarter. IBM said its fourth-quarter earnings fell to $4.46 bn from $5.48 bn a year earlier. Revenue shrank to $22.06 bn versus $24.11 bn. IBM gets more than half its revenue from outside of the U.S., and the firm was not immune from the impact of a strong dollar. The currency fluctuations caused a $7 bn impact on the company's revenue.
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NETFLIX Q4 EARNINGS BEAT ESTIMATES
Video-streaming service provider Netflix has reported fourth quarter earnings which have beaten street estimates. The company posted fourth-quarter adjusted earnings of 7 cents/share, down from 10 cent/share in the previous year. Revenue for the quarter came in at $1.82 bn, against the comparable year-ago figure of $1.49 bn. Netflix added 5.59 mn total net subscribers in the quarter, up from 4.33 mn additions in the previous year. For the current quarter, Netflix projects 6.1 mn total net additions versus Wall Street estimate of 4.94 mn.
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BANK OF AMERICA EARNINGS BEAT ESTIMATES
Bank of America's fourth-quarter profits rose despite a tough trading market. The bank reported a profit of $3.34 bn compared with a profit of $3.05 bn in the same period of 2014. Revenue rose to $19.53 bn from $18.73 bn a year ago.
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CHINA'S GDP GROWTH DECLINED TO A 25-YEAR LOW IN 2015
Economic growth in China, the world's second-largest economy hit a 25-year low of 6.9% in 2015. China's economy grew 6.8% in the fourth quarter of 2015 from the same period last year. Manufacturing growth declined to 6% in 2015 from 2014. The services sector expanded by 8.3% last year, up from 2014's 7.8%.
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