The daily business briefing: April 24, 2018

Google's strong earnings give markets a lift, Sears CEO Edward Lampert offers to buy valuable brands, and more

Google's strong earnings give markets a lift.
(Image credit: Spencer Platt/Getty Images)

1. Google earnings beat expectations, boosting stocks

Google parent Alphabet on Monday reported first-quarter sales and profit that beat analysts' expectations, thanks partly to strong ad sales despite rising concerns about online privacy. "Google continues to dominate both mobile and desktop search," said analyst Ivan Feinseth of Tigress Financial Partners. Global sales for the company rose to $31.1 billion, exceeding the average analyst estimate of $30.3 billion. Overall, quarterly profit reached $9.4 billion, or $13.33 per share, beating the average estimate of $6.56 billion, or $9.28 per share. Alphabet shares rose by 1 percent in after-hours trading. Global stocks got a lift from strong earnings reports from Google and other companies, steadying Tuesday after three days of losses.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.