Quarterly Earnings, First Quarter | featured news

Helped out by special items, Southwest Airlines reported a net income of $98 million last quarter to preserve its 21-year string of profitable first quarters. But excluding those gains, mostly from an increase in value of fuel hedges, the Dallas-based carrier said it lost $18 million.

EBay's first-quarter net income grew 20 percent thanks to higher revenue from its PayPal business and brisk sales at its e-commerce websites. The results beat Wall Street's expectations and investors sent the company's stock higher in after-hours trading.

Moody's ratings agency downgraded Nokia's debt grade to near junk status on Monday, citing a sharp decline in first-quarter cellphone sales that led to a 35 percent fall in revenue.