Surge In Google, Microsoft Profit - Forbes.com

Surge In Google, Microsoft Profit - Forbes.com


Topping the headlines this afternoon, tech giants Google and Microsoft reported strong quarterly results.

Second-quarter earnings nearly quadrupled for Google (nasdaq: GOOG - news - people ). Earnings rose to $1.19 per share, from 30 cents per share a year ago, slightly less than analysts' estimates. The Internet company reported stronger-than-expected sales of $890 million.

Meanwhile, Microsoft (nasdaq: MSFT - news - people ) said its fourth-quarter earnings jumped 37.5% to $3.7 billion to beat Wall Street expectations.

U.S. stocks closed lower amid news of explosions in London similar to those two weeks ago. China revalued the yuan by 2.1%, cutting the currency's decade-old link to the U.S. dollar.

In earnings news, Delta Air Lines (nyse: DAL - news - people ) reported a narrower loss of $388 million for the second quarter. Meanwhile, JetBlue (nasdaq: JBLU - news - people ), America West (nyse: AWA - news - people ) and Alaska Airlines (nyse: ALK - news - people ) reported small profit.

Elsewhere in the airline industry, members of the union representing 20,000 ground workers at bankrupt United Airlines, a division of UAL (otc: UALAQ - news - people ), ratified a five-year contract that saves the carrier $176 million per year.

Shares of Coca-Cola (nyse: KO - news - people ) climbed after it reported higher quarterly earnings. Disappointing news from Merck (nyse: MRK - news - people ) and McDonald's (nyse: MCD - news - people ) sent those stocks lower.