The total revenue in an accounting period minus all expenses during the same period. If income taxes and interest are not deducted, it is called operating profit (or loss, as the case may be). Also called earnings, net earnings, or net profit. 
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USAGE EXAMPLE

When Richard subtracted his business expenses from his gross income, his net income was barely enough to cover his living expenses; so to make his profit larger, he decided to cut costs by discontinuing overseas shipping of his product.