2008 profits plunge 85% for top 500 US firms

[Blib]

http://www.google.com/hostednews/afp/article/ALeqM...

Fortune Magazine said:

WASHINGTON (AFP) — The top 500 US corporations saw their profits plunge 85 percent in 2008, their worst showing in more than half a century, Fortune magazine reported Sunday.

"The sumptuous profits America posted over the past few years weren't part of a new world order, but a bubble that, like the others, went out with a bang. And what a bang," the magazine reported in its latest issue.

"Last year was the worst economic performance in the 55-year history of the Fortune 500 list of America's biggest 500 companies," Fortune said.

"Earnings dropped 84.7 percent from the previous year, from 645 billion dollars to 98.9 billion dollars, marking the largest one-year decline ever," it said.

"For every dollar in profits the 500 garnered in 2006, its members made 13 cents in 2008."

So, the only possible way from this is up.

Isn't it?

[JakeR]

I dont know how the US version of corporation tax works, but that's gonna put one hell of a hole in the US Govt's finances I'd have thought?

[ewenm]

But still (on average across the 500) making a profit. I wonder how many are making a loss?

[Jasandjules]

ewenm said:

But still (on average across the 500) making a profit. I wonder how many are making a loss?

That was my first thought. A Profit, albeit a small one, is STILL a profit. A loss on the other hand means major problems.

[leon_t]

Blib said:

http://www.google.com/hostednews/afp/article/ALeqM...

Fortune Magazine said:

WASHINGTON (AFP) — The top 500 US corporations saw their profits plunge 85 percent in 2008, their worst showing in more than half a century, Fortune magazine reported Sunday.

"The sumptuous profits America posted over the past few years weren't part of a new world order, but a bubble that, like the others, went out with a bang. And what a bang," the magazine reported in its latest issue.

"Last year was the worst economic performance in the 55-year history of the Fortune 500 list of America's biggest 500 companies," Fortune said.

"Earnings dropped 84.7 percent from the previous year, from 645 billion dollars to 98.9 billion dollars, marking the largest one-year decline ever," it said.

"For every dollar in profits the 500 garnered in 2006, its members made 13 cents in 2008."

So, the only possible way from this is up.

Isn't it?

Well, considering the huge profits made by the oil companies included which will be much lower this year, I wouldn't promise things will improve overall.

Didn't know my employer made it to 3rd though...