Google’s profit soars

Google Inc.’s first-quarter profit increased nearly six-fold as the online search engine leader’s rapid growth continued to soar beyond analysts’ bullish expectations.

The Mountain View, Calif.-based company said Thursday that it earned $369.2 million, or $1.29 per share, for the three months ended in March. That was up from $64 million, or 24 cents per share, at the same time last year.

Revenue totaled $1.26 billion, up from $651.6 million a year earlier.

Google’s shares gained $6.12, or 3.1 percent, to close at $204.22 on the Nasdaq Stock Market, then surged another $10.83, or 5.3 percent, in extended trading.

Communications

Time Warner, Comcast to buy Adelphia

Time Warner Inc. and Comcast Corp., the two largest cable TV companies in the country, announced Thursday that they had reached an agreement to buy the assets of the bankrupt cable company Adelphia Communications Corp. in a deal valued at $17.6 billion in cash and stock.

The deal beat out a last-minute bid by Cablevision Systems Corp., a New York-area cable TV company, and still faces several steps before closing, including approval by regulators and bankruptcy court.

Trucking

Yellow earnings double

Yellow Roadway Corp. on Thursday said it more than doubled first-quarter profits, beating Wall Street predictions, as it saw record revenues in all of its trucking and logistics divisions.

For the three months ending March 31, the Overland Park-based company reported earnings of $48.89 million, or 96 cents per share, compared with $18.16 million, or 38 cents per share, in the same quarter a year ago.

Excluding money it made from disposing of property, Yellow Roadway had earnings of 92 cents per share. Analysts surveyed by Thomson Financial expected earnings of 91 cents per share.

Utility

Aquila considering reverse stock split

Aquila Inc. is looking at several restructuring moves proposed by financial advisers, including a reverse stock split.

In a filing this week with the Securities and Exchange Commission the Kansas City, Mo.-based utility gave no details on possibly reducing the number of shares, which have mushroomed to 241.8 million in recent years as the company has raised money to pay off debt and help its struggling finances.