![]() ![]() Oath CEO Tim Armstrong stepped down in October - the same month Oath reported a nearly 7 percent drop in year-over-year revenue, hitting $1.8 billion for the quarter. online ad sales, according to the Wall Street Journal. The company accounts for less than 5 percent of U.S. The merging of the two companies under Oath, initiated after Verizon added Yahoo to the fold in 2017, has been shaky from the start. Oath’s attempt to take on major digital advertisers like Facebook and Google has largely been in vain to this point, however, despite combining two legacy names in online media. Verizon said the goodwill balance of Oath, reflecting the branch’s intangible value, will be about $200 million after the write down - a distinct drop from the $9 billion Verizon paid to acquire both AOL and Yahoo in recent years. “These pressures are expected to continue and have resulted in a loss of market positioning to our competitors in the digital advertising business.”Īlso Read: Lionsgate Roars: Shares Up 7 Percent on Merger Report “Verizon’s Media business, branded Oath, has experienced increased competitive and market pressures throughout 2018 that have resulted in lower than expected revenues and earnings,” the company said in its filing. to show a reduction in the value of an asset in a company's accounts, usually because it is no longer worth as much as it was before: The company was forced to write down 450m after a revaluation of its assets. The write down, expected to be reflected in its fourth quarter financials, was shared in a filing with the Securities and Exchange Commission on Tuesday. “Tuesday’s disclosure is likely to raise discussion among investors about whether it makes sense to have two volatile and capital-intensive units - semiconductors and nuclear reactors - in the same company,” The Wall Street Journal said.Verizon is planning to take a $4.6 billion write down on Oath, its fruitless combination of AOL and Yahoo under one roof, as its media division fails to grow digital advertising revenue. Westinghouse is working on several nuclear-reactor projects including two in Georgia for power utility Southern Co. 'Write it down, take a picture, and fax it' - Shaquille O'Neal picks Kobe Bryant ahead of Michael Jordan in drafting his all-time starting five in the NBA. “The Toshiba subsidiary was paying relatively little to buy the business, but its ultimate costs could end up being many times higher if things went badly,” The Times said. As part of its post-scandal turnaround plan, Toshiba has been focusing on its nuclear and semiconductors businesses while scaling down less profitable consumer electronics units such as personal computers and TVs.īut the company took a $2.3 billion charge last year on its acquisition of Westinghouse and, as The New York Times reports, the Stone & Webster deal “was a gamble from the start.” The accounting scandal involved overstatements of revenue at a number of Toshiba divisions, including nuclear power. Company executives said it was possible Westinghouse would fall into negative net worth as a result of the charge. The potential size of the writedown is particularly notable given that Toshiba’s Westinghouse unit acquired Stone & Webster for $229 million. “This will come as an additional shock to Toshiba’s institutional investors that may further undermine confidence in company management, as well as significantly weakening its international nuclear credentials,” Tom O’Sullivan, founder of energy consultancy Mathyos Japan, told Reuters. The announcement sent Toshiba’s stock tumbling 12% in Tokyo trading amid renewed concern over its accounting practices. The cost overruns will result in “far lower asset value than originally determined, leading to a possible recognition of goodwill far exceeding” the December 2015 estimate of $87 million, Toshiba said in a news release. IAS 2.6 Any write-down to NRV should be recognised as an expense in the period. power projects handled by Stone & Webster, which it acquired last December from Chicago Bridge & Iron Co. Merrill Lynch, the third- largest US securities firm, may write down 15bn related to US mortgage losses, almost twice its original forecast, the New York. cost of completion and the estimated costs necessary to make the sale. ![]() ![]() The Japanese conglomerate attributed the writedown to higher-than-expected cost overruns at U.S. dollars” related to its acquisition of a nuclear power plant construction company. SEB to take 5.9 bln SEK writedown in Q1 By Reuters Staff 1 Min Read STOCKHOLM, March 29 (Reuters) - Swedish banking group SEB will take a 5.9 billion Swedish crown (715 million) writedown in the. On the heels of a $1.3 billion accounting scandal, Toshiba said Tuesday it may have to book a charge of “several billion U.S. ![]()
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