Earnings: GE's NBCU Q2 Revs Up 7 Percent; Income Up 1 Percent
This story was written by Joseph Weisenthal.
Another underwhelming quarter for NBCU, unit of GE network revenue was up 7 percent in Q2, to $3.88 billion from $3.62 billion, while income grew just 1 percent to $909 million $904 million. The company claimed that its cable business offset ongoing weakness at its local operations. It also touted the benefits of the upcoming Olympics, predicting more than $1 billion in advertising. As for the whole company, at least they didn't miss this time (maybe Jack Welch's tongue lashing did the trick on Jeff Immelt). Total revenue was up 11 percent to $46.9 billion, though excluding charges, net income was flat at $5.4 billion or $.54 per share. Meanwhile, the company continues to spin and sell off units, including its consumer, appliance, and consumer finance units but so far, there's nothing official on the company shopping around NBCU, despite the constant speculation.
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By Joseph Weisenthal