By Joseph Woelfel 
Google (GOOG) posted strong quarterly earnings and announced a 2-for-1 stock split. Google reported first-quarter earnings of $10.08 a share on revenue of $8.14 billion, excluding traffic acquisition costs. Total revenue came in at $10.65 billion. Revenue in the U.S. rose 22% year over year to $4.9 billion, while revenue outside the U.S. jumped 26% to $5.8 billion. Analysts were expecting revenue of $8.146 billion, excluding traffic acquisition costs, and earnings of $9.65 a share.
Google also said it will create a new class of stock, effectively issuing a split that is "designed to preserve the corporate structure that has allowed Google to remain focused on the long term." On a conference call, CEO Larry Page said many investors have asked for a stock split and this effectively grants it to them.
Wells Fargo (WFC) on Friday morning reported a 21% quarter-over-quarter increase in mortgage banking revenue, pushing profits to record levels. The company earned $4.2 billion, or a record 75 cents a share, during the first quarter, compared with fourth-quarter earnings of $4.1 billion, or 73 cents a share, and earnings of $3.8 billion, or 67 cents a share, during the first quarter of 2011. Analysts had anticipated a profit of 73 cents a share in the March-ended period on revenue of $20.46 billion.
JPMorgan Chase (JPM) reported solid earnings before the open, saying strong investment banking results and an improvement in mortgage banking revenue powered profits in the first quarter. The nation's largest bank by assets and deposits reported net income on a managed basis of $5.38 billion, or $1.31 per share, down slightly from $5.55 billion or $1.29 per share in the year-ago quarter. In the fourth quarter, the bank posted a net income of $3.7 billion or 90 cents per share. Analysts had expected earnings of $1.18 a share on revenue of $24.68 billion.
Infosys Technologies (INFY), the Indian software services company, said fourth-quarter profit rose 15.2% in dollar terms and sales jumped 10.5%. But revenue for fiscal 2013 will rise only 8% to 10%, below forecasts for the industry. The stock fell more than 10% in Mumbai on Friday.
Dow Chemical (DOW) raised its second-quarter dividend by 28% to 32 cents a share from 25 cents. The dividend will be paid on July 30.
Coinstar (CSTR), whose businesses include the Redbox DVD rental kiosks, provided a first-quarter outlook above analysts' estimates. Coinstar said it sees core earnings from continuing operations of $1.36 to $1.40 a share on revenue of $567 million to $569.2 million for the three months ended March 31. Analysts are calling for profit of 90 cents a share on revenue of $537.7 million. Coinstar attributed the forecast in part to strong DVD demand in February and March.
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