Business Highlights

The Associated Press

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Google third-quarter earnings rise 26 percent, top analyst views

SAN FRANCISCO (AP) ⿿ Mounting worries over another global recession haven't shaken Google.

The online search and advertising leader's third-quarter earnings, released Thursday, are the latest reminder of how Google Inc. has used its position as the Internet's dominant gateway to build a business that endures economic turbulence better than most companies.

Investors quickly showed their approval as Google's stock price surged 6 percent. The stock climbed $33.37 to $592.36 in extended trading after the release of results.

Google earned $2.7 billion, or $8.33 per share, in the three months ending in September. That was up 26 percent from nearly $2.2 billion, or $6.72 per share, a year earlier.

If not for expenses covering employee stock compensation, Google would have earned $9.72 per share. That figure easily beat the average estimate of $8.77 per share among analysts surveyed by FactSet.

Revenue climbed 33 percent from last year to $9.7 billion.

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JPMorgan's income drop casts a pall over banks

NEW YORK (AP) ⿿ If JPMorgan Chase can't do well, investors worry that other banks may do even worse.

The New York bank, widely considered the strongest in the industry, reported a 4 percent drop in income last quarter Thursday on weakness in investment banking and more costs related to litigation over mortgage investments.

That bodes poorly for the other big banks ⿿ Citigroup Inc., Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley ⿿ that are set to report results next week. JPMorgan warned that continued uncertainty in global markets could hurt fourth quarter results too. Its stock slumped, dragging down other large banks with it.

The New York bank's third quarter net income dropped 4 percent to $4.26 billion, or $1.02 per share, on revenue of $24.37 billion.

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