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An income boost this time around would be welcome news after profit drops in the past three quarters. Net income fell 45.3% in the first quarter, by 56.6% in the second quarter and again in the third quarter.
On the top line, the company is hoping to use this earnings announcement to snap a string of three-straight quarters of revenue declines. Revenue fell 2% in the first quarter and 6.5% in second quarter before falling again in the third quarter.
A Look Back: In the third quarter, profit fell 1.1% to $1.63 billion (41 cents a share) from $1.65 billion (41 cents a share) the year earlier, but exceeded analyst expectations. Revenue fell 2.6% to $32.17 billion from $33.05 billion.
Balance Sheet Analysis: The company’s current ratio of assets to liabilities came in at 1.76 last quarter. The current ratio is an indication of a firm’s liquidity and ability to meet creditor demands and generally, for every dollar the company owes in the short term, it has that figure available in assets that can be converted to cash in the short term.
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(Company fundamentals by Xignite Financials. Earnings estimates provided by Zacks)
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