NEW YORK (CNNMoney.com) -- General Electric reported improved earnings that met Wall Street expectations.

The diversified conglomerate, the No. 2 company in the world in market value, earned net income of $5.1 billion, or 49 cents a share, in the period, up from $4.6 billion, or 43 cents a share, in the year-earlier period. Analysts surveyed by earnings tracker First Call had forecast earnings per share of 49 cents.

The company's revenue rose 12 percent to $40.9 billion.

GE (Charts), a member of the Dow Jones industrial average, is seen as a bellwether for the economy as it businesses range from finance to manufacturing of jet engines and power turbines, and from a television and movie studio to consumer appliances and high-tech medical equipment.

Earnings rock...so far