The third-quarter report by General Electric (GE) shows NBC Universal did a lot better for them, as profits increased by nine percent and revenues by 3 percent. Profits ended at $589 million for the quarter.
With the overall General Electric profits soaring by 14 percent for the quarter, chairman and CEO Jeffrey Immelt had a lot to be happy about.
Talking about the performance of the division, Immelt said: "NBC Universal posted its fourth straight quarter of segment profit growth, highlighted by the successful launch of its new, prime-time television line-up, a strong cable performance and a slate of popular summer films.
"Jeff Zucker and his team have done an excellent job improving the content, operating the business, and expanding the portfolio."
With the recent acquisition of Oprah Winfrey's Oxygen Media, I think this unit is being fattened up for sale after the Olympics in China.
This doesn't mean the unit will be allowed to underperform, as shown by the improving numbers, as Immelt will want it going on all cylinders if they decide to sell at that time ... to attain the best price. It would take something extraordinary to me for it not to happen.
» Why General Electric's Performance is so Important from ManagersRealm
The short-term drop in share price for General Electric (NYSE:GE) really isn't that important, as anyone investing in the company should be looking at long-term performance and value. At the same time, the quarterly drop in profits to $4.36 billion... [Read More]
Tracked on: April 13, 2008 10:04 AM | Permalink to Trackback