Google, Citi, GE Report Better Than Expected Earnings

Google (GOOG) reported better-than-expected first quarter results due to improved margins on cost-saving measures. Revenues, though down 3% from the previous quarter, was up 6% from a year ago, marking the firm’s first-ever sequential quarterly drop caused by the recession’s impact on consumers’ clicking activity and advertisers’ fees paid per click. The company’s conference call which suggested further sensitivity to the general economy, stressing the likely impact of seasonality on second quarter returns, bothered investors

Citigroup (C) reported its first profit in over a year on investment banking strength, as net income rose to $1.6 billion during the first quarter. On a per share basis, however, the firm reported a loss of 18 cents, resulting from a 24 cent loss on the conversion reset of preferred shares, which was narrower than the expected 34 cent loss and the $1.03 loss a year earlier. The Company also delayed its exchange offer

Economic bellwether General Electric (GE) reported better-than-expected first quarter earnings of $2.9 billion, or 26 cents per share, as revenues declined 9% to $38.41 billion. The showing compared with estimates of 21 cents and revenues of $39 billion

Mattel (MAT) reported a loss of $51 million, or 14 cents per share, versus the prior year’s loss of $46.6 million or 13 cents a share. Analysts had expected a 13 cent loss

Lincoln National (LNC) received a Moody’s Investor Service (MCO) debt and financial- strength ratings downgrade amid warning that further cuts are possible if the company fails to get government aid

GlaxoSmithKline (GSK) and Pfizer (PFE) plan a joint venture combining HIV drug operations, with Glaxo  to wind up with an 85% and Pfizer a 15% interest

AIG (AIG) said it plans to sell its US car insurance operations to Zurich Financial Services for $2 billion

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