Earnings watch: GE, Google
The industrial conglomerate tops earnings but misses revenue expectations, while the search giant beats on both counts.
General Electric (GE) reported a second-quarter profit of $3.1 billion, or 29 cents a share, down from $3.8 billion, or 35 cents a share, a year earlier. Excluding one-time items, GE earned 38 cents per share. Revenue rose 2% to $36.5 billion. Analysts expected a profit of 37 cents a share on revenue of $36.8 billion. The industrial conglomerate and Dow component also affirmed its outlook of double-digit-earnings growth in 2012.
Google (GOOG) on Thursday reported second-quarter non-GAAP earnings of $3.35 billion, or $10.12 a share, on revenue excluding traffic acquisition costs of $8.36 billion. Analysts were looking for $10.04 a share on revenue of $8.41 billion.
Microsoft (MSFT) on Thursday posted a non-GAAP quarterly profit of $6.93 billion, or 73 cents a share, for its fiscal fourth quarter on revenue of $18.06 billion. Analysts were looking for earnings of 62 cents a share on revenue of $18.13 billion. Microsoft saw strong growth in its server and tools business in the quarter. (Microsoft owns and publishes Top Stocks, an MSN Money site.)
SanDisk (SNDK) on Thursday reported non-GAAP earnings of $51 million, or 21 cents a share, for the second quarter on revenue totaling $1.03 billion. The performance topped the average analyst estimate of 18 cents a share on revenue of $1.02 billion.
Schlumberger (SLB) on Friday reported quarterly net income of $1.4 billion, or $1.05 a share, compared with $1.34 million, or 98 cents a share, for the same period in 2011. Revenue increased by 16.2% to $10.45 billion.
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The idea of US crude being a shelter from turmoil abroad may not be as far fetched as it seems.
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