Reuters Google Inc’s stock surged more than 20% on Thursday after the search giant said it expects to sell its $1.8 billion acquisition of Motorola Mobility Inc for about $1 billion in cash.
The company also said it would buy about $8 billion in shares of its other U.S. wireless carrier, Sprint Nextel, for about a $600 million price tag.
The news came as Google said it expected to raise its full-year earnings estimate for fiscal 2017 by $5 billion to $7 billion.
Shares of Google climbed nearly 3%, while Microsoft Corp fell nearly 1% to $68.66.
Alphabet Inc’s (GOOGL.
O) parent company Google (GASP.
O), Apple Inc (AAPL.
O)) and Amazon.com Inc (AMZN.
Google said it will sell Motorola Mobility and Sprint Nextels.
Shares rose as much as 1% at the close in New York, with Google shares up about 4% on the Nasdaq in the wake of the announcement.
Shares of Google, Microsoft and Apple all rose after the news.