Carl Icahn is having a bad day.
First he announced that he would be leaving Atlantic City after spending $100 million to revitalize the Trump Taj Mahal since March.
Then his firm, Icahn Enterprises (IEP), reported a second quarter net loss of $69 million on revenue of $4.4 billion.
From the beginning of the year to June 30th, the company brought in $7.5 billion in revenue and a net loss of $906 million. At the same time last year IEP brought in $9.5 billion in revenue and $373 million in income.
We should note, though, that this year IEP took a $334 million non-cash charge for overstating the value of goodwill in its energy segment.
And it’s Icahn’s bet on energy that has given him the most grief over the last year or so. Back in September, energy was the third largest segment in Icahn’s portfolio, ultimately including bets on Cheniere, Freeport-McMoRan, and Chesapeake Energy.
Back in May, Standard & Poor’s cut the investment firm controlled by billionaire Carl Icahn to junk status.
Icahn will host a call for investors at 10:00 am EST to discuss these results.
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