The company announced that its profits declined much less in the second quarter than analysts had expected it to and its business will improve in the second half of the year.
had expected it to and its business will improve
had expected and that its business would improve
expected it would and that it will improve its business
expected them to and its business would improve
expected and that it will have improved its business
had expect强调declined之前的时间。
C的 第一个it是致命错。
something declined less than analyst expected 是个错误的平行
something declined less than analyst (had) expected ((that) they would declined) <-可以省略
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