P.M. Briefing : EARNINGS : Bear Stearns Revenue Off 3.2%
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NEW YORK — Bear Stearns Cos. today said its profit for its first quarter fell 18.6% from a year earlier due to slumping individual investor activity in a weak environment on Wall Street.
The parent of the brokerage Bear, Stearns & Co. reported earnings of $18 million, or 17 cents per share, in the period ended Sept. 28, down from $22.1 million, or 20 cents per share, in the same year-ago period.
Revenue fell 3.2% to $561.8 million from $580.4 million a year earlier.
Bear Stearns said earnings were helped by strong performances in mortgage and government bond trading, and the sale of an investment in a small company.
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