Google Inc.
MOUNTAIN VIEW, CALIF. — The Internet search leader’s third-quarter profit soared 46 percent, hurdling the enormous expectations that have elevated its stock price by more than $100 during the past month.
Google said Thursday that it earned $1.07 billion, or $3.38 a share, for the three months ended in September, up from net income of $733.4 million, $2.36 a share, at the same time last year.
If not for the cost of awarding stock to its steadily expanding workforce, Google said it would have earned $3.91 a share. That topped the average estimate of $3.78 a share among analysts surveyed by Thomson Financial.
Revenue for the period was $4.23 billion, a 57 percent rise from $2.67 billion last year.
Bank of America
CHARLOTTE, N.C. — Bank of America’s third-quarter earnings fell 32 percent, badly hurt by a spike in consumer credit costs and the poor performance of an investment-banking unit that has clamored for respect on Wall Street.
The bank’s big consumer division absorbed heavy losses as it bolstered its reserves by $865 million, or 52 percent, in anticipation of higher losses across all businesses.
Net income in the third quarter was $3.7 billion, or 82 cents a share, compared with $5.42 billion, or $1.18 a share, a year ago. Revenue declined 12 percent to $16.3 billion.
Union Pacific Corp.
OMAHA — The nation’s largest railroad said Thursday that its third-quarter earnings rose 27 percent, beating Wall Street’s expectations on strong agricultural and chemicals revenue.
UP earned $532 million, or $2 a share, compared with $420 million, or $1.54 a share, in the year-ago period. Revenue increased 5 percent to $4.19 billion.
Southwest Airlines Co.
DALLAS — The nation’s largest discount carrier said profit more than tripled in the third quarter, as it packed its planes fuller than ever.
Southwest’s net income rose to $162 million, or 22 cents a share, for the three months ended Sept. 30, from $48 million, or 6 cents a share, a year earlier, the company reported Thursday.
