Google+, Microsoft and a Market Summary
Making inroads into Facebook’s (Nasdaq: FB) turf, Google (Nasdaq: GOOG) says 250 million of its users have upgraded to Google+, its social networking tool. The top search engine also said after the bell Thursday that revenue in its core internet business shot up 21% in the second quarter for overall revenue of $12.2 billion.
“Google’s got a lot of good things happening because of mobile. The number of people using its Android phones is up really sharply. The number of clicks per search on phones is also up very sharply and they finally finished their acquisition of Motorola Mobility,” says tech analyst Rob Cyran.
Also reporting after the bell, Microsoft turned in a loss of close to half a billion dollars, its first since going public. But it was largely due to a massive charge for its ailing online unit. Excluding that, the company beat estimates.
In earlier earnings news, Morgan Stanley’s bond-trading business got clobbered last quarter on the threat of a credit rating downgrade – a factor in a 24% drop in revenue. Morgan Stanley says it’s bracing for further global economic weakness and low trading volume ahead, causing it to shrink its payroll by 7%.
In Europe shares climbed to a four-month high as many companies’ quarterly results beat forecasts.