News Scan: July 21, 2005 - Forbes.com

News Scan: July 21, 2005 - Forbes.com
EBay Q2 Earnings Climb 53%
EBay's second-quarter profit eclipsed analyst expectations as the online auction leader brushed aside worries that it may be losing its competitive edge. The San Jose-based company said Wednesday that it earned $291.6 million, or 21 cents per share, for the three months ended in June, a 53% increase from $190.4 million, or 14 cents per share at the same time last year.

Ericsson Q2 Profit Rises 16%
Wireless equipment maker Ericsson reported a 16% increase in second-quarter profit Thursday on growing sales, and upgraded its market outlook for mobile systems. Net profit for the period was 5.8 billion kronor ($744 million), up from 5.0 billion kronor in the same three months last year. Boosted by strong results in emerging markets, sales rose 18% to 38.4 billion kronor ($4.92 billion), from 32.6 billion kronor in the year-ago period.

Oil Prices Drop On U.S. Inventory Report
Crude oil prices extended their losses Thursday after the U.S. Department of Energy's weekly report on petroleum stocks eased concerns of supply disruptions from hurricanes in the Gulf of Mexico. Midafternoon in Singapore, light, sweet crude on the New York Mercantile Exchange fell 32 cents to $57.70 per barrel for September contracts. In New York, the August delivery price settled 74 cents lower at $56.72 per barrel.