Freddie Mac posts second-biggest profit in its history
Freddie Mac, the No. 2 provider of US mortgage money, posted its second-largest quarterly profit in company history in the first quarter due to rising home prices, falling mortgage delinquencies and increased refinance activity. The government-controlled company on Wednesday reported net income of $4.6 billion for the first three months of the year, up from $577 million in the year-ago quarter. It was the company's sixth straight quarter of profits, and the largest since a $5.7 billion gain in the third quarter of 2002.
AOL shares sink as websites still lose money
Online media group AOL Inc said on Wednesday that first-quarter revenue grew on strength in its advertising business, but shares sank on concerns that profits were still mostly coming from a shrinking dial-up platform. The stock tumbled 10 per cent to $37.35, the second worst decline in the past 18 months, signalling that some investors were not sold on AOL's strategy of building its business on content. AOL reported an operating loss of almost $5 million from its media sites, including Patch, Huffington Post, Engadget and TechCrunch. The membership group posted operating profit of $146.4 million in the quarter.
Freddie Mac, the No. 2 provider of US mortgage money, posted its second-largest quarterly profit in company history in the first quarter due to rising home prices, falling mortgage delinquencies and increased refinance activity. The government-controlled company on Wednesday reported net income of $4.6 billion for the first three months of the year, up from $577 million in the year-ago quarter. It was the company's sixth straight quarter of profits, and the largest since a $5.7 billion gain in the third quarter of 2002.
AOL shares sink as websites still lose money
Online media group AOL Inc said on Wednesday that first-quarter revenue grew on strength in its advertising business, but shares sank on concerns that profits were still mostly coming from a shrinking dial-up platform. The stock tumbled 10 per cent to $37.35, the second worst decline in the past 18 months, signalling that some investors were not sold on AOL's strategy of building its business on content. AOL reported an operating loss of almost $5 million from its media sites, including Patch, Huffington Post, Engadget and TechCrunch. The membership group posted operating profit of $146.4 million in the quarter.