US EARNINGS WRAP: Microsoft Shows Weakness, AmEx Profit Slips

   DOW JONES NEWSWIRES 
 

Below is a synopsis of major releases from Thursday afternoon:

Microsoft Tumbles On Revenue Decline; Shares Off

Microsoft Corp.'s (MSFT) profit dropped 29% as revenue fell broadly, including at its client division. Chief Financial Officer Chris Liddell said the company's businesses continued to be hurt by weakness in the global PC and server markets. Shares fell 6.3% to $23.94 in after-hours trading, as the company's revenue figures badly missed analysts' expectations.

American Express Profit Sags; Stock Declines On Revenue Miss

American Express Co.'s (AXP) earnings fell 48% as the credit-card issuer set aside less money for bad accounts amid falling customer balances. Shares fell 4.6% after-hours to $28.05 as revenue fell short of analysts' expectations.

Capital One Swings To Loss On Increased Credit Losses

Capital One Financial Corp. (COF) swung to a loss on continued increases in credit losses, although numerous metrics weren't as bad as the prior quarter. The net charge-off rate climbed to 6% from 4.15% a year earlier and 5.52% the previous quarter, respectively, while delinquencies of at least 30 days were 4.34%, compared with 3.64% and 4.36%.

Items Hurt Amazon's Profit, Offset Revenue Growth

Amazon.com Inc.'s (AMZN) earnings fell 10% as unusual items masked strong revenue growth. The Internet retail giant's shares fell 5.8% to $88.23 in after-hours trading, even though earnings topped Wall Street expectations and third-quarter revenue guidance was roughly in line with analysts' views.

Broadcom Earnings Plummet 90% But Conditions Improving

Broadcom Corp.'s (BRCM) profit plunged 90% as the communications chip maker posted a double-digit revenue decline, but the company signaled business conditions are returning to normal. It also offered third-quarter revenue guidance above Wall Street expectations and predicted gross margin to rise sequentially. Still, shares fell 4.4% to $27.90 in after-hours trading as earnings fell below Wall Street's expectations.

Burlington Northern Up On Prior-Year Charge; Volume Stabilizing

Burlington Northern Santa Fe Corp.'s (BNI) profit grew by 15% amid a prior-year charge, but fuel surcharges and volumes dropped. The company said volumes were beginning to stabilize in its more economy-sensitive businesses. Shares were down 1% to $78.41 in after-hours trading as revenue missed analysts' estimate though earnings beat.

Chubb Sees Strength In Underwriting, Investments

Chubb Corp.'s (CB) second-quarter earnings rose 18%, which the property-and-casualty insurer attributed to strength in underwriting and investments, among other factors. Shares climbed 2.3% to $43.60 in after-hours trading as operating results exceeded analysts' expectations and as the company increased its 2009 guidance for operating income. Chubb also said it will be accelerating the timing of its share repurchase program.

Subscriber Growth, Margins Boost Netflix Earnings

Netflix Inc.'s (NFLX) earnings climbed 22% on increased subscriber growth and higher margins. Shares fell 1% to $46 in after-hours trading as the online movie rental company's earnings topped expectations but the revenue fell short. The company also boosted its guidance for the year.

CA Tops Estimates Despite Currency Effects, Raises Year View

CA Inc.'s (CA) profit slid 0.5% on effects of the stronger dollar. Shares climbed 5.2% to $20.10 in after-hours trading as the results topped Wall Street's expectations and the business-software maker raised its fiscal-year forecast.

Amerprise Profit Stung By Lower Revenue, Fees

Ameriprise Financial Inc.'s (AMP) profit dropped 55%, as the provider of financial planning services posted lower revenue and was weighed down by asset-based fees. Shares were down 1% at $25.90 in after-hours trading, even though the results topped Street views.

Con-Way Profit Declines But Co Sees Improving Freight Volumes

Con-Way Inc.'s (CNW) profit dropped 34%, as freight volumes continued their decline and revenue fell across most of the company's businesses. The company said volumes improved sequentially each month in the quarter. Still, Chief Executive Douglas Stotlar noted the pricing environment would remain competitive until the market's excess capacity was lowered. Shares were down 0.7% to $35.73 after hours.

Juniper Earnings Off On Revenue Decline, Tax Charge

Juniper Networks Inc.'s (JNPR) earnings dropped 88% as revenue declined and the company booked a charge related to the tax treatment of stock-based compensation. Shares were down 6.4% to $24.85 in after-hours trading, even though results topped Wall Street estimates.

SunPower Sees Increased Demand But Cuts Year View Again

SunPower Corp. (SPWRA) recorded a 22% drop in profit as sales continued to fall, but the results were better than expected. The solar panel maker said it has been able to maintain prices and market share, adding it was encouraged enough by signs in demand and financing that it should meet its forecast for the back half of the year. Still, it cut its full-year view for the fourth time, this time saying a recent capital raise was to blame. The shares rose 13% in late trading to $28.16.

KLA-Tencor Swings To Loss On Lower Product Sales

KLA-Tencor Corp. (KLAC) swung to a loss as product sales tumbled, once again dragging revenue down more than expected. Shares were falling 3.4% to $30.41 in late trading. Chief Executive Rick Wallace said the company is "focused on achieving" breakeven earnings per share, excluding items, by the end of the calendar year.

Baidu Posts Stronger Results, Adds Advertisers

Baidu Inc.'s (BIDU) earnings rose 45% as the Chinese Internet company continued to post strong revenue growth and add advertisers. The company also offered strong third-quarter revenue guidance. However, its American depositary shares fell 3.2% to $321.57 in after-hours trading.