Shares of Google Inc. dropped nearly 10 percent after reporting fourth quarter earnings late Thursday. The internet search king reported a 6 percent rise in earnings, but missed Wall Street’s expectations. Net revenue came in at $8.13 billion — analysts were expecting $8.43 billion, according to consensus estimates from FactSet Research. Shares of Yahoo! Inc. are climbing slightly higher, while AOL Inc. edges lower.
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Intel Corp. shares are rising in late market trading. The chip-maker reported a fourth quarter profit of $3.4 billion (64 cents per share), compared to $3.2 billion (56 cents per share) the previous year.
Microsoft Corp. shares jumped more than 2 percent after the closing bell. The software company reported a fiscal second quarter profit of $6.62 billion (78 cents per share), compared to $6.63 billion (77 cents per share) the previous year.
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International Business Machines Corp. is also jumping more than 2 percent in extended trading. Net earnings for the fourth quarter increased 4 percent to $4.62 per share. Analysts had expected the company to report earnings of $4.61 a share, on revenue of $29.7 billion, according to a consensus survey by FactSet Research.
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Credit card company American Express Co. is seeing a drop of 2 percent in late trading. Profits increased 12 percent to $1.2 billion ($1.01 per share), but revenues of $7.7 billion missed analyst expectations. Shares of Visa and MasterCard Inc. also traded lower.
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The hardest hit credit card company in late trading is Capital One Financial Corp. . Shares are down more than 5 percent. The company reported a surprise 42 percent drop in fourth quarter profit. Profit was $407 million (88 cents per share), compared to $697 million ($1.52 per share) the previous year.
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To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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