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Citigroup Posts $2.5 Billion Loss on Fresh Write-Downs - NYTimes.comA year into the tight credit market, and the losses keep coming.
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Citigroup Incorporated
Go to your Portfolio »Citigroup said Friday morning that it lost $2.5 billion, or 54 cents a share, in the second quarter.
The loss was largely caused by $7.2 billion of write-downs of Citigroup’s investments in mortgages and other loans and by a weakness in the consumer market, which cost Citigroup $4.4 billion in credit losses and $2.5 billion to increase reserves. Analysts had expected a loss of 66 cent a share.
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Posted: 7/18/2008
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NPD: Nintendo Wii the top-selling, current-gen consoleNPD has released its analysis of June's retail activity, and the industry's sales numbers continue to skyrocket with $1.69 billion in game sales, $615 million spent on consoles, and $202 million from accessories. "The video games industry continues to perform in the face of an ever-increasingly difficult economic environment as many turn to more in-home entertainment," said Anita Frazier, industry analyst for NPD. "Even if growth slows over the back half of 2008, the industry is poised to achieve record-breaking revenues of over $22B for the year."
Related StoriesNintendo Wii outsells 360, PS3, PS2, PSP combined in April
Nintendo proclaimed at E3 that when the NPD numbers were released, the Wii would become the best-selling console of this generation, and to the surprise of no one, that prediction came true.
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Posted: 7/18/2008
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