Google Beats Estimates Again

Published by: Dave Simmons on 21st Jan 2011 | View all blogs by Dave Simmons
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Google Beats Estimates Again

Google reported fourth-quarter results after the closing bell Thursday, and has beaten analysts' expectations three out of the last four quarters.  The report caused the stock to surge all the way to $639.40 in after hours trading, but it came back down during Friday's session, sitting at $626.25 at about noon EST.

The Mountain View, California-based search giant reported fourth-quarter revenue of $8.44 billion, 26 percent higher than the same quarter of 2009.  Its profits, meanwhile, came in at $2.54 billion for the period, or $7.81 per share, 29 cents higher than profits from fourth quarter 2009.  Excluding stock compensation costs, earnings for the company were $8.75 per share, easily surpassing analysts' expectations of $8.06 per share.

“We're incredibly pleased with our performance in 2010, and optimistic about our trajectory for 2011 and beyond,” said Patrick Pichette, the company's Chief Financial Officer in a conference call with analysts.  “We continue to invest aggressively in a bold innovation agenda.”

Google's primary source of income, search advertising revenue, continued to expand in 2010, with its total advertising revenue for the year reaching $28.2 billion, an increase of 24 percent over 2009.

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