Facebook posts a loss as revenue jumps 32%
NEW YORK — Facebook’s third-quarter results inched past Wall Street’s expectations, offering evidence that the company is making inroads in mobile advertising, a longtime concern among investors.
The financial results, Facebook’s second as a public company, sent its stock sharply higher in after-hours trading. The stock jumped about 10 percent after the announcement, on a day that saw the Dow Jones industrial average drop almost 2 percent.
The world’s biggest social media company posted a loss of $59 million, or 2 cents per share, in the July-September period. That’s down from earnings of $227 million, or 10 cents per share a year ago, when Facebook was still privately held. Revenue rose 32 percent to $1.26 billion.
UPS says e-commerce driving shipping growth
NEW YORK — UPS says online shoppers are propping up its business in a tough global economy. The world’s largest package-delivery company believes that consumer demand for gadgets will drive its shipments and earnings this year, making up for slower trade between businesses.
The company also narrowed its earnings forecast for the year, and now expects growth of 5 to 7 percent from 2011.
DuPont to cut 1,500 jobs after earnings decline
DOVER, Del. — DuPont said Tuesday it will cut about 1,500 jobs and take other steps to increase its competitiveness after weak demand for a key industrial pigment and uncertainty in the solar panel market led to a sharp drop in third-quarter earnings.
The chemical company reported net income of $10 million, or a penny per share, compared with $452 million, or 48 cents per share, for the same period last year. Revenue from continuing operations totaled about $7.4 billion, down 9 percent. The job cuts won’t affect he company’s Cooper River site near Goose Creek, plant manager Jerry Good said.
Netflix slashes forecast for gains in subscribers
LOS ANGELES — Netflix slashed its prediction of how many U.S. video streaming subscribers it would add this year after subpar third-quarter results.
The video streaming company said it added 1.2 million net subscribers in the U.S. in the three months through September, which was at the low end of its previous forecast of gains between 1 million to 1.8 million.
The shortfall caused Netflix to cut its full-year estimate for U.S. streaming subscriber additions to between 4.7 million and 5.4 million. Netflix had predicted it would gain as many as 7 million domestic streaming subscribers by year’s end.
It ended the quarter with 25.1 million U.S. streaming customers and 4.3 million in other countries.
Norfolk Southern’s 3Q profit declined by 27%
OMAHA, Neb. — Norfolk Southern said Tuesday the weak economy contributed to a 27 percent drop in profits as the company hauled less coal and other merchandise.
The railroad, which serves Charleston, earned $402 million, or $1.24 per share, in the third quarter. Revenue fell nearly 7 percent to $2.7 billion.
Staff and wire reports