Yahoo Inc.: The Internet search- engine provider posted first- quarter profits Tuesday that met analysts’ expectations, pleasantly surprising investors who feared losses in market share might hinder its advertising growth. Yahoo shares surged more than 6 percent on the news. The Sunnyvale, Calif.- based company said it earned $159.6 million, 11 cents per share, during the first three months of the year. That represented a 22 percent decrease from net income of $204.6 million, 14 cents per share, at the same time a year ago.
International Business Machines: The residual effects of sweeping cost cuts helped boost IBM’s first-quarter earnings by 22 percent as the technology company beat analysts’ expectations Tuesday despite minor revenue growth. In the first three months of the year, IBM earned $1.71 billion, $1.08 per share, on revenue of $20.7 billion. Wall Street’s consensus estimates were for earnings of $1.05 a share and $20.7 billion in revenue, according to Thomson Financial. In the same period of 2005, IBM’s net income was $1.40 billion, 84 cents per share, with revenue of $22.9 billion.
Wells Fargo & Co.: The largest bank in Colorado said first-quarter profit rose 9 percent to a record on gains in business loans, a drop in loan defaults and proceeds from the sale of a business in Puerto Rico. Net income increased to $2.02 billion, $1.19 a share, from $1.86 billion, $1.08 a share, a year earlier, the San Francisco-based bank said in a statement Tuesday. Revenue advanced 6 percent to $8.56 billion.
Amgen Inc.: The biggest biotechnology company in terms of sales posted a $1 billion profit for the first quarter on Tuesday, a 14 percent increase over the same period last year, that was driven primarily by strong demand for its anemia-fighting drugs. The Thousand Oaks, Calif.-based company said it earned 82 cents a share in the quarter ended March 31, compared with $854 million, 67 cents a share, in the same quarter last year. The company said if not for special expenses, including the cost of employee stock options, Amgen would have earned 91 cents a share, compared with 72 cents a share a year ago.
Motorola Inc.: The world’s No. 2 cellphone manufacturer reported a slight drop in first-quarter income Tuesday but said a 23 percent jump in sales helped it gain market share and close the gap on rival Nokia Corp. Motorola’s net income fell to $686 million, 27 cents per share, from $692 million, 28 cents per share, in the same period a year earlier, when results were boosted by a substantial gain on investments. Revenue jumped to a record $10 billion from $8.2 billion a year earlier.
