(Updates from 12:00 p.m. ET with closing information.)NEW YORK ( TheStreet) -- Google (GOOG - Get Report) shares extended gains on Friday after the Internet search giant beat Wall Street earnings expectations for the first quarter.
IBM (IBM - Get Report) shares were plunging 7.1% to $192.46 after the software and services giant missed earnings expectations for the first time in a while. IBM reported $23.4 billion in revenue, down from $24.7 billion year-over-year, and missing Wall Street's forecast of $24.6 billion. On a non-GAAP basis, IBM earned $3 a share, up from $2.78 a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of $3.05 a share. IBM said earnings were affected by a weaker Japanese yen, which shaved 7 cents per share from earnings. Concerns about a slowing global economy were brought to light in CEO Ginni Rometty's prepared remarks. "Despite a solid start and good client demand we did not close a number of software and mainframe transactions that have moved into the second quarter," Rometty said in the press release. IBM reiterated its fiscal 2013 earnings forecast of at least $16.70, excluding items. Analysts surveyed by Thomson Reuters are looking for earnings of $16.77.
Microsoft (MSFT - Get Report) shares were rising 3.5% to $29.81 after the company beat estimates, and announced CFO Peter Klein was stepping down from the company.