Googlecontinued to dazzle Wall Street in its third quarter as a publicly traded company, blowing past analysts’ estimates after the close on Thursday.
Google’s net income soared 477% in the first quarter to $369.2 million, or $1.29 a share — a stunning 37 cents a share more than analysts were expecting — and net revenue of $794 million beat $729.8 million forecasts.
“This was a very strong quarter for Google,” CEO Eric Schmidt said in a statement. “We continue to execute well, and we have been able to take full advantage of the growth in online advertising.”
Shares of Google jumped 6% in after-hours trading, approaching the stock’s all-time high of $216.80 a share.
Stocks soared during Thursday’s trading session, with the Dow and S&P posting their best gains in two years after strong manufacturing and jobs data eased fears of an economic slowdown. Comments from Fed Chairman Alan Greenspan dismissing “stagflation” concerns added to the gains, as did strong earnings from technology companies.
The Nasdaq soared 48 to 1962, the S&P 500 surged 22 to 1159, and the Dow soared 206 to 10,218. Volume rose to 2.3 billion shares on the NYSE, but declined to 2.02 billion on the Nasdaq. Advancers led 24-8 on the NYSE, and 22-8 on the Nasdaq. Upside volume was 83% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 23-66 on the NYSE, and 28-105 on the Nasdaq.
Strong earnings from Motorola, SAPand Nokiasent the Nasdaq to its best gain in more than a year, and Qualcommmanaged a gain despite warning.
eBayfinished the day fractionally lower, as concerns about slowing growth at the online auction giant outweighed better than expected earnings.
Cypress Semiand VeriSignsurged on their results, and DoubleClickjumped 16% on takeover reports.
Archipelagosoared 60% after the NYSE announced plans to buy the electronic trading firm and go public.