Citigroup Inc. (NYSE:C) stock gained 2.06% to $27.20 in the pre-market hour after the company reported a drop in second-quarter profit from a year earlier owing to a decline in revenue and a smaller benefit from releasing reserves set aside for losses from defaulting loans. However, the profit still beats analysts estimate.
The company posted second-quarter net income of $2.95 billion or $0.95 per share from $3.34 billion a year before. Adjusted net income was $3.1 billion, a 1% decrease compared with the 2011 second quarter. Analysts expected earnings per share of $0.89 for the quarter. Total revenues for the recent quarter was $18.64 billion, down 10% from $20.62 billion in the year-ago quarter, while analysts estimated revenues of $18.76 billion for the quarter.
Leap Wireless International, Inc. (NASDAQ:LEAP)’s Chief Operating Officer Raymond Roman will be leaving the company, effective July 31, 2012, the company disclosed in a regulatory filing. Raymond Roman, COO of almost one and a half years, will get $495,000 for the termination of his employment. Prior to joining LEAP in February 2011, he had earlier worked with Dell Inc and Motorola.
IMAX Corporation (USA) (NYSE:IMAX) and AMC Entertainment Inc. (AMC) today announced an expansion of the companies' existing joint revenue sharing arrangement to include the installation of eight confirmed and up to 18 IMAX theatres in the United States.
The deal also includes the conversion of two existing AMC IMAX theatres from a sale to a joint revenue sharing structure. Today's agreement brings AMC's total IMAX commitment to 138 theatres with the potential to expand to 148. The company currently has 125 IMAX theatres in operation.