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Energy giant BP says it earned nearly $2.6 billion in the second quarter LONDON -- Energy giant BP said Tuesday that it earned nearly $2.6 billion in the second quarter, almost half what it posted in the first three months of the year as oil and natural gas prices that surged after Russia's invasion of Ukraine have fallen. The company's underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down nearly 70% from the April-to-June period a year ago, when London-based BP brought in $8.45 billion. It's the latest oil and gas major to see profit s fall from record highs last year, following British rival Shell, France's TotalEnergies and U.S.-based ExxonMobil. Energy prices spiked after Russia launched its war in Ukraine, raising fears about Moscow's supplies of oil and natural gas before it cut off most of its gas heading to Europe. Energy costs were a major driver of inflation around the world, stirr...

Microsoft has reported a 12% drop in profit for the October-December quarter, reflecting the economic uncertainty it says led to its decision to cut 10,000 workers REDMOND, Washington -- Microsoft on Tuesday reported a 12% drop in profit for the October-December quarter , reflecting the economic uncertainty it said led to its decision to cut 10,000 workers. The company reported quarter ly profit of $16.43 billion, or $2.20 per share. Excluding one-time items, the company based in Redmond, Washington, said it earned $2.32 a share, which topped Wall Street expectation for adjusted earnings of $2.29 a share. The software maker posted revenue of $52.75 billion in the October-December period, its second fiscal quarter, up 2% from the same period a year ago. Analysts polled by FactSet expected Microsoft to post revenue of $52.99 billion for the October-December quarter. Microsoft last week blamed “macroeconomic conditions and changing customer priorities” for its decision to cut nearly 5% ...