In these tough economic times, public companies are just as volatile as the little startups we spend so much of our time covering. Here are some of the latest quarterly earnings highlights from companies that make a difference in NewTeeVee.
Time Warner: (s TWX) Profit was down 14 percent to $661 million, though that beat analysts’ estimates. Shares climbed yesterday after earnings came out, but they’re now back at $22.04, about what they were trading beforehand. The company said its “TV Everywhere” is coming second half of this year, and also that it’s trying to spin off AOL. What this means for online video: No more synergy between content efforts at AOL properties like Bebo and Time Warner properties like CNN. Not that that ever happened, or was even promised to happen, but it might have been cool! Also, check out this very informally shot video pitch for TV Everywhere from Time Warner Chairman and CEO Jeff Bewkes that was posted on YouTube today (via Learmonth on Twitter).
Comcast: (s CMCSA) Profit up 5 percent to $778 million, exceeding estimates and lifting its shares. Meanwhile, the AP said Comcast turned Joost down, as the video startup seeks a buyer. Time Warner would be the alternative buyer, as had been previously reported.
Canon: (s ADR)Profit down 83 percent to $182.5 million. Ouch! Reduced research and development, which doesn’t bode well for the new video cameras we’d like to see.
Kodak: (s EK) Lost $353 million in the first quarter, which excluding special items was 95 cents per share, way more than analysts’ estimate of 33 cents per share. It’s just not a good time to be selling electronics.