Wall Street cheers Google, IBM results

Updated: 5:50 p.m. ET

Google (GOOG) shares were jumping after hours as fourth-quarter earnings easily beat Wall Street estimates.

IBM (IBM) shares were also solidly higher thanks to better-than-expected​ earnings and stronger guidance.

The results will probably give stocks a boost on Wednesday.

Google was up 4.8% to $736.92 in after-hours trading after slipping $1.64 to $702.87 in regular trading.

The company reported earnings of $10.65 a share after adjustments, up 12.1% from  $9.50 a share a year ago. The adjustments were non-cash charges to account for restructuring in its Motorola business.

Revenue, net of payments to advertising partners, was $11.34 billion, up 34% from a year ago. But it missed estimates, largely because of its Motorola handset business.

Still, investors were happy with growth in paid clicks, a key revenue and profit driver. It was up 24% overall, although cost per click was down 6% from a year ago and 2% from the third quarter.

IBM, meanwhile, was up 4% to $204 after hours. The shares had risen $1.61 to $196.08 in regular trading.

IBM earned $5.39 a shares, up 11% from a year ago. Revenue of $29.3 billion was down  slightly but flat when adjusted for currency changes.

Big Blue expects $15.53 a share in earnings for 2013, $16.70 a share in operating earnings per share. It didn't offer revenue projections.

Meanwhile, Texas Instruments (TXN) shares were down slightly to $33.24 from a regular close of $33.46. The company's fourth-quarter results beat Street estimates, but first-quarter estimates were lower than expected.

The company sees first-quarter revenue at $2.69 billion to $2.91 billion. Earnings should be 24 to 32 cents a share. The Street has been looking for $2.89 billion in revenue and earnings of 29 cents.

The company said it continues "to operate in a weak demand environment."

The big after-hours gains for Google (GOOG) shares came after they'd fallen for the fourth straight day. Apple (AAPL) finished up $4.77 to $504.77, an exception to the trend. The company reports fiscal-first quarter results after Wednesday's close. 

The Nasdaq Composite Index ($COMPX) closed up 8 points to 3,143. The Dow Jones industrials ($INDU) climbed 62 points to 13,712. The Standard & Poor's 500 Index ($INX) added 7 points to 1,493.

Microsoft (MSFT) dropped 10 cents to $27.15. It reports results after Thursday's close. Sources told The Wall Street Journal that the software giant is discussing whether to join an investor group seeking to take Dell (DELL) private. The group includes Dell founder Michael Dell. Dell was up 28 cents to $13.12. (Microsoft is the publisher of MSN Money.)

Amazon (AMZN) was off $1.93 to $270.19. Amazon reports fourth-quarter results on Jan. 29.