Google (GOOG - Get Report), the Internet search giant, posted strong quarterly earnings and announced a two-for-one stock split. Google reported first-quarter earnings of $10.08 a share on revenue of $8.14 billion, excluding traffic acquisition costs. Total revenue came in at $10.65 billion. Revenue in the U.S. rose 22% year over year to $4.9 billion, while revenue outside the U.S. jumped 26% to $5.8 billion. Google also said it would be creating a new class of stock, effectively issuing a stock split that is "designed to preserve the corporate structure that has allowed Google to remain focused on the long term." The new class of stock won't have any voting power and will help Google's senior leaders retain control years from now.
JPMorgan Chase (JPM - Get Report) and Wells Fargo (WFC) report their quarterly earnings Friday before the opening bell. Analysts expect JPMorgan to post first-quarter earnings of $1.18 a share on revenue of $24.68 billion, while Wells Fargo is seen posting profit of 73 cents a share in the March-ended period on revenue of $20.46 billion.
Apple (AAPL - Get Report) called allegations from the U.S. Department of Justice that it colluded with publishers over e-book pricing "simply not true." Apple spokeswoman Natalie Kerris rebutted the charges Thursday evening, The Wall Street Journal reported. "The launch of the iBookstore in 2010 fostered innovation and competition, breaking Amazon's monopolistic grip on the publishing industry," she said. The Justice Department sued Apple and five large book publishers Wednesday over conspiring to raise e-book prices. A settlement was reached with three of the publishers.
Coinstar (CSTR), whose businesses include the Redbox DVD rental kiosks, provided a first-quarter outlook above analysts' estimates. Coinstar said it sees core earnings from continuing operations of $1.36 to $1.40 a share on revenue of $567 million to $569.2 million for the three months ended March 31. Analysts are calling for profit of 90 cents a share on revenue of $537.7 million. Coinstar attributed the forecast, in part, to strong DVD demand from consumers in February and March.
-- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.