For the quarter (end-June 30), revenues were $1.042 billion, an increase of 5.0% from $992.7 million in the second quarter of 2017. The company reported a net loss of $1.122 billion, compared with net loss of $1.050 billion in the same quarter of the previous year.
The company's net loss is the result of a goodwill impairment charge of $1.265 billion for impairment of goodwill. Goodwill is the difference between what a company pays for an asset and the book value of that asset, according to the website Investopedia. Goodwill must be measured every year, and impairment occurs when the value of that asset declines. The company has to adjust the book value of that goodwill down if it becomes impaired.
The company announced a comprehensive restructuring plan, including cost-containment programs and accelerated growth in a release.
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