NEW YORK (
(GOOG - Get Report)
after Thursday's closing bell as the Internet search giant reported a much stronger than anticipated profit for its fourth quarter and announced a shake-up in the C-suite.
posted an adjusted profit
of $2.85 billion, or $8.75 per share, for the three months ended Dec. 31, ahead of Wall Street's consensus view of $8.07 a share. Revenue came in at $6.37 billion for the December quarter, beating the average analysts' estimate of $6.05 billion.
The bigger news, however, may be that
Larry Page is taking over the CEO post
. Page will move into the role in April, replacing Eric Schmidt, who will assume the executive chairman role.
Google said paid clicks -- the number of times that users clicked on advertising to generate revenue for the company -- increased 18% year-over-year and 11% over the third quarter.
The stock was last quoted at $638.75, up 2%, on volume of 1.65 million, according to
. The shares have appreciated roughly 9% in the past 52 weeks, and hit a 52-week high of $642.96 on Wednesday.
slumped in late trades after the New York City-based maker of fashion apparel and accessories gave a disappointing profit outlook for the fourth quarter, saying the retail environment was "more promotional than anticipated, particularly in footwear," which hurt its gross margins.
The stock was last quoted at $13.35, down 3%, on volume of roughly 23,000. Shares finished the regular session at $13.78, bouncing slightly after plumbing a new 52-week low of $13.54 on Thursday. In the past 52 weeks, the stock is down more than 17% with much of that move coming since the start of 2011 as it's lost more than 12% year-to-date.
The company said it now sees adjusted earnings of 2 cents a share for its fiscal fourth quarter ended Dec. 31, well below the average estimate of analysts polled by
for a profit of 11 cents a share in the three-month period.
Jones Group also cited rising costs and a soft market for excess inventory as culprits in its below-consensus performance, and took a cautious view of 2011.
"The performance of our brands has been consistently strong, even in a challenging environment, and for 2011, we believe that our brands are positioned to achieve net revenue growth in mid-single digits," said Wesley Card, the company's CEO, in a statement. "That said, the strength in consumer spending and acceptance of price increases in 2011 remain uncertain."