Monday, April 20, 2009

Top 500 US firms' profits plunge 85% in 2008

Fortune magazine reported that Top 500 US companies have witnessed 85% fall in profits in half decade.
This is one major proof that recession is still intact and no one knows when it will end ?
Earnings dropped 84.7 per cent from the previous year, from 645 billion dollars to 98.9 billion dollars, marking the largest one-year decline ever. - Fortune.

In Fortune's latest annual listing of the top 500 US companies, energy and oil firms held three of the top four positions, led by ExxonMobil which snagged top spot from retail giant Wal-Mart. The retailer dropped to number two.
Chevron came in third followed by ConocoPhilipps and General Electric.
Automaker General Motors was sixth, despite being on the verge of bankruptcy, followed by Ford in seventh place.
AIG suffered the biggest drop in the standings, falling from 13th to 245th place.
Engineering firm URS was the biggest gainer, from 449th place last year to 264. (Source)

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