Earnings: GE Posts 9.6 Rise In Q2 Profits; NBCU Income Up 2 Percent, As Revs Fall 5 Percent

General Electric (NYSE: GE), the parent of NBC Universal, reported that Q2 profit rose 9.6 percent to $5.42 billion from $4.95 billion the year before. The company also said that NBCU’s income grew 2 percent, rising to $904 million from $882 million, as the company cited strong cable, film, and digital performance. NBCU’s revenue fell, however, coming in at 3.6 billion from $3.8 billion – a 5.3 percent decrease compared to the year before.

Looking back the past six months, NBCU revenues were down 15 percent to $7.1 billion from $8.3 billion versus the same period in 2006, while profit for that period gained 4 percent to $1.595 billion from $1.536 billion. More to come. Earnings release | Webcast | Transcript (SeekingAlpha)

Update: During the morning’s conference call with investors and analysts, Keith Sherin, GE’s CFO, provided a general overview of NBCU’s performance over Q2. No word about CNBC’s possible partnership with The Financial Times, though he did say that the JV with News Corp. for the online video site is still expected to launch in Q3. “Digital continues to grow. We’ve got the new site leadership… We’ve got six great content partners and we continue to have very strong performance at NBC.com. This launch last year, 300 million video streams since the launch and the business made $20 million in the quarter so a nice performance there.”

— Sherin added that the company is continuing with cost cutting at NBC and managed to save roughly $30 million through layoffs and other reorganization moves. For Q3, GE expects NBCU’s profit to grow between 5- and 10 percent, with revenues either flat or up as much as 5 percent.

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