Earnings roundup: Wells Fargo 3Q profit rises, eBay 3Q net income down though revenue rose

Wednesday, October 21, 2009

Earnings roundup: Wells Fargo, eBay

Among the earnings stories for Wednesday, Oct. 21, from AP Financial News:

Top stories:

NEW YORK (AP) — Wells Fargo & Co. reported a $2.6 billion third-quarter profit as the company’s retail banking operations, including the businesses it acquired with the purchase of Wachovia Corp., offset rising loan losses.

Other stories:

SAN FRANCISCO (AP) — EBay Inc. said that even as third-quarter net income dipped 29 percent, its revenue rose largely because more people and merchants are using PayPal to pay for things online.

JACKSONVILLE, Fla. (AP) — FIS, which provides technology services to financial firms, said its third-quarter profit jumped 55 percent as lower costs offset reduced software license and professional service revenue.

FREMONT, Calif. (AP) — Lam Research Corp., which makes equipment for the semiconductor industry, said its third-quarter profit nearly doubled as it slashed costs and boosted margins, blowing past Wall Street expectations for a loss.

PRINCETON, N.J. (AP) — Drug development services company Covance Inc. said its third-quarter profit remained flat as higher expenses offset a boost in revenue from late-stage development contracts.

UNDATED (AP) — Boeing’s ambitions seem to have outflown its abilities, as the company’s plans to reinvent the way jetliners are built keep faltering, forcing it to post a big loss in the third quarter.

SAN JOSE, Calif. (AP) — Novellus Systems Inc., which makes equipment for producing computer chips, said it lost $4 million in the third quarter amid a sharp downturn in sales.

ATLANTA (AP) — Aaron’s Inc. said its third-quarter profit climbed nearly 17 percent as more cash-conscious customers chose to rent furniture, appliances and electronics rather than buy them.

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