Starwood Q3 earnings decline 65% but top expectations

Starwood Hotels & Resorts Worldwide reported a 65% decline in third-quarter earnings; however, the chain, like other major hotel chains in recent reports, exceeded Wall Street expectations. The company reported a profit of $40 million, or 22 cents a share, down from $113 million, or 62 cents a share, in the same quarter a year ago. Revenue decreased 21% to $1.22 billion; analysts had forecast revenue of $1.16 billion.

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