U.S. Movers: General Electric, Google, IBM, Microsoft

Devan Biswas
20 Jan, 2012
New York City

General Electric said quarterly revenues decreased 8% and quarterly earnings dropped 18%. Google Inc plunged 8% after it missed earnings outlook. IBM gained 4% after it reported net income increase of 4%.

[R]12:40 PM New York – General Electric said quarterly revenues decreased 8% and quarterly earnings dropped 18%. Google Inc plunged 8% after it missed earnings outlook. IBM gained 4% after it reported net income increase of 4%.[/R]

General Electric Company ((GE)) declined 12 cents to $19.03 after the diversified technology and financial services corporation reported fourth quarter revenue decreased 7.9% to $37.97 billion from $41.23 billion last year. Net income in the quarter fell 18% to $3.73 billion, or 35 cents a diluted share compared to net income of $4.54 billion, or 42 cents a share, a year earlier.

Google Inc. ((GOOG)) dropped 8% or $52.36 to $587.02 after the Internet and software corporation reported fourth quarter revenues soared 25% to $10.58 billion from $8.44 billion last year. Net income in the quarter rose 7% to $2.71 billion or $8.22 per share compared to net income of $2.54 billion or $7.81 per share in the year-ago quarter.

Google dropped after it reported earnings that were at least $1 a share.

Full-year gross revenues grew 29.4% to $37.9 billion from $29.3 billion last year. Net income for the year rose 14.5% to $9.737 billion or $29.76 per share from $8.505 billion or $26.31 per share for fiscal year 2010.

International Business Machines Corp. ((IBM)) surged 4% or $7.56 to $188.08 after it reported fourth quarter total revenues grew 2% to $29.49 billion from $29.02 billion a year ago. Net income in the quarter improved 4% to $5.5 billion or $4.62 per diluted share compared to net income of $5.3 billion or $4.18 per share last year.

Revenues for 2011 increased 7% to $106.9 billion compared with $99.9 billion in 2010. Net income for the year rose 7% to $15.9 billion or $13.06 per diluted share compared with $14.8 billion or $11.52 per diluted share in the year-ago period.

Microsoft Corporation ((MSFT)) increased $1.22 to $29.33 after the software company said second quarter revenue rose 5% to $20.89 billion from $19.95 billion in the same quarter last year. Net income in the quarter fell 0.6% to $6.62 billion or 78 cents per diluted share compared to net income of $6.63 billion or 77 cents per share for the year-ago quarter.

Schlumberger Limited ((SLB)) increased 85 cents $73.69 after the oilfield services provider reported revenues grew 21% to $10.97 billion versus $9.07 billion in the same quarter last year. Net income in the quarter rose 35.6% to $1.41 billion or $1.05 per share compared to net income of $1.04 billion or 76 cents per share in the prior-year quarter.

For fiscal year 2011, revenues grew to $39.54 billion from $27.45 billion in the previous year. The company reported adjusted income from continuing operations for the full year of $4.97 billion or $3.66 per share, up from $3.60 billion or $2.86 per share last year.