Facebook Inc. reported third-quarter sales that topped analysts’ estimates as advertisers boosted spending on promotions targeting users on smartphones and tablets.
Revenue rose 60 percent to $2.02 billion, the company said Wednesday. Analysts were projecting sales of $1.91 billion, according to estimates compiled by Bloomberg News. Profit, excluding stock-based compensation, currency effects on revenue and other items, was 25 cents a share, compared with analysts’ average prediction for 19 cents.
Facebook, which has more than 1 billion users, saw mobile-ad revenue make up 49 percent of the total in the third quarter, up from 41 percent in the previous period, the company said.
“They’re targeting ads better,” said Ben Schachter, an analyst at Macquarie Securities USA. “To see a company continue to accelerate revenue growth at this stage in the game is quite impressive.” — Bloomberg News
DETROIT — General Motors’ third-quarter net income fell 53 percent compared with a year ago, as one-time expenses masked a strong performance in North America and a narrowed loss in Europe.
The company earned $698million in the quarter, or 45 cents per share. That compares with $1.48 billion, or 89 cents per share, a year ago. But without $900 million in one-time items, GM earned $1.7 billion, or 96 cents per share. That beat Wall Street’s expectations.
Revenue rose 4 percent to $39million, just short of Wall Street’s estimate of $39.2 billion. — AP
TOKYO — Video game maker Nintendo sank to a loss in the latest quarter as sales of its Wii U game console continued to be eroded by a shift to gaming on smartphones and tablets.
The Kyoto-based maker of Pokemon and Super Mario reported an 8 billion yen ($81million) loss Wednesday for the three months ended Sept. 30. That virtually wiped out an 8.6 billion yen profit the previous quarter. Sales dropped slightly from the same quarter last year.
Quarterly Wii U sales nearly doubled to 300,000 units from 160,000 in the previous three months, but the total remained far short of the company’s goal of 9 million units for the fiscal year ending next March. — AP
DETROIT (AP) — Chrysler Group’s net income rose 22 percent in the third quarter as strong sales of the Ram pickup and Jeep Grand Cherokee masked weaknesses elsewhere in its lineup.
Chrysler said Wednesday that it earned $464 million in the July-September period. It was the Auburn Hills, Mich.-based company’s ninth consecutive profitable quarter.
Worldwide vehicle sales for the third quarter were 603,000, up 8 percent from a year ago. The company’s sales outside North America jumped 20 percent.
Overall, it was a lackluster quarter in the U.S. Chrysler’s sales rose 7.7 percent, lagging the total industry increase of 12 percent. — AP
TOKYO — Honda’s quarterly profit rose 46 percent in the latest quarter as higher car sales in the U.S. and motorcycle shipments to Asia offset costs from plant openings.
Revenue rose 27 percent in the July-September quarter to 2.89trillion yen ($29.4 billion), with net income at 120.3 billion yen ($1.2 billion), the Tokyo-based company said Wednesday.
While Honda’s car sales inside Japan fell 22 percent in the first half of the fiscal year, its sales overseas rose 8 percent to 1.72million vehicles, pushing its total sales for the first half to a record 2.1 million vehicles.— AP
Starbucks Corp., the world’s largest coffee-shop chain, said fourth-quarter profit rose 34 percent as it attracted U.S. diners with seasonal drinks and new pastries.
Chief Executive Officer Howard Schultz has been pursuing new avenues of growth, including higher-quality bakery food and tea, as the company opens more stores across the U.S. Sales at Starbucks stores open at least 13 months increased 8 percent in the Americas. — Bloomberg News