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Earnings Analysis: 
Commerzbank Swings to Profit
Author: 123jump.com Staff
123jump.com
Last Update: 2:54 PM ET August 05 2010



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Commerzbank AG swung to a net profit of 352 million in the second quarter. Deutsche Telekom AG revenue in the quarter decreased 4.4% to 15.53 billion. Zurich Financial Services report better than expected earnings.

 
Commerzbank AG fell 0.94% to 7.14 after the German-based bank swung to a net profit of 352 million in the second quarter compared with a loss of 761 million a year earlier.

Deutsche Telekom AG dropped 1.05% to 10.39 after the German telecom company reported a decline in profit for the second quarter, reflecting deconsolidation of T-Mobile UK, as well as lower revenues from Germany and Europe.

Net revenue in the quarter decreased 4.4% to 15.53 billion from 16.24 billion in the comparable period. Net profit dropped 8.8% to 475 million from 521 million in the year-ago quarter.

Telecom Italia SpA dipped 0.44% to 13.71 after the Italy-based company, which offers infrastructures and technological platforms and its labor unions reached an agreement on cutting 3,900 jobs over the next three years.

Zurich Financial Services AG rose 1.18% to $23.68 after the insurance-based financial services provider reported total financial results take into account the impact of the previously reported charge from increased banking loan loss provisions of $330 million, before tax.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.

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