This will also hit profits and render some of their trading businesses not viable in their current form.
Moreover, the incumbents face increased competition from new entrants, such as cable-TV companies, and this has hit profits.
The company said the rising cost of raw materials had also hit profits and led to it increasing the prices it charged.
The Treasury's sums have already gone awry largely because the City's weakness has hit profits and cut the number of high earners.
Either way the expense dropped to the bottom line and hit profits.
Stricter underwriting means that the industry as a whole is in better shape than it was in 2001, but Katrina will hit profits.
But Fortescue, which is part-owned by Chinese state mining firms, said the tax would hit profits before financing costs, leaving it less room to repay debts.
The carmaker also said that while car sales had risen 8.2% to 292, 207 vehicles - a record for first-quarter sales - currency problems and the phasing out of the old 3-series had hit profits.
And more is still being copied without authorization of the copyright owner, a major hit on profits and earnings.
Like rival JPMorgan Chase earlier this week, BofA also took a hit on profits thanks to mortgage-related troubles .
With coal prices rising about 6.7% annually over the past decade, cost competition from natural gas has had a big hit on profits.
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As share and property slumps and an economic slowdown have hit their profits, some finance companies have faced long queues of depositors demanding their money back.
While he's cryptic about what that means, he does note that there would be a shift away from valuing gross margins -- in other words, the company may take a hit on profits to make its device sales sing.
The glut of iron ore developing in the international market is good news for steel consumers such as car makers and builders but will hit the profits of BHP Billiton, Rio Tinto and Vale, the big three of the seaborne iron ore trade.
American firms face a similar hit to their profits as a result of their pension shortfalls.
However, the cost was a hit to the profits of some of those retailers that are showing signs of missing expectations for their fourth quarter earnings.
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While the biggest oil and gas company by reserves, Exxon, had a stellar quarter, Chevron suffered from weakness in their downstream margins and took the hit on their profits.
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While the deal sees the end of a long legal tussle for Baidu, it also opens up extra revenue streams for music companies who have often complained of seeing their profits hit by piracy.
Daimler and Volkswagen have posted falls in first-quarter profits, hit by a continuing slump European car sales.
Royal Dutch Shell has reported a 13% drop in second quarter profits, hit by weaker oil and North American gas prices.
The recession has hit Kikkoman's profits, but it is relatively well protected.
Trader Clinton Pugh believes his profits will be hit because customers will go elsewhere.
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Another explanation is that insiders cream off profits before they hit the bottom line.
Company profits would be hit hard and share prices of Western banks and companies with exposure in Russia would plummet.
But the firm's profits have been hit by the growth of online rental services an, recently, the popularity of streaming films over the internet.
Soft drinks maker Britvic has reported a near 20% fall in profits after being hit by the cost of recalling newly designed Fruit Shoot bottles.
He said the group had also been "encouraged" by the Competition Commission investigation into the sale of extended warranties, which could hit the company's profits.
Profits have been hit hard by the near-collapse of the company's commercial space-launch business, a dwindling share of the aircraft market and a government investigation into its military business.
Profits took a hit due to negative currency effects.
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In October it said bad debts and a currency hit would impact full-year profits by 2.5%.
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