Google Earnings Exceed Expectations
Google Earnings Exceed Expectations
Google released its third-quarter results after Thursday's closing bell, posting higher-than-expected earnings while also announcing its three month old social network, Google+, has already reached 40 million users. Google's shareholders have been slightly nervous about the company's earnings, as it has been spending heavily on R&D and acquisitions. But Thursday's report seemed to ease most of those concerns, as Google shares rose nearly 7 percent in just the first hour of after-market trading.
For the three months ended September 30th, Google earned $2.73 billion, or $8.33 a share, well ahead of its 3Q 2010 earnings of $2.17 billion, or $6.72 per share. Excluding certain one-time items, the company said, earnings were $9.72 a share, easily topping the consensus estimate of $8.74 projected by analysts in a recent Bloomberg News survey.
Revenue at the Mountain View, California-based search giant came in at $9.72 billion, up from $7.29 billion in the year ago quarter, while net revenue, which excludes payments the company makes to advertising partners, was $7.51 billion, ahead of analysts' average expectation of $7.2 billion.
Google released its third-quarter results after Thursday's closing bell, posting higher-than-expected earnings while also announcing its three month old social network, Google+, has already reached 40 million users. Google's shareholders have been slightly nervous about the company's earnings, as it has been spending heavily on R&D and acquisitions. But Thursday's report seemed to ease most of those concerns, as Google shares rose nearly 7 percent in just the first hour of after-market trading.
For the three months ended September 30th, Google earned $2.73 billion, or $8.33 a share, well ahead of its 3Q 2010 earnings of $2.17 billion, or $6.72 per share. Excluding certain one-time items, the company said, earnings were $9.72 a share, easily topping the consensus estimate of $8.74 projected by analysts in a recent Bloomberg News survey.
Revenue at the Mountain View, California-based search giant came in at $9.72 billion, up from $7.29 billion in the year ago quarter, while net revenue, which excludes payments the company makes to advertising partners, was $7.51 billion, ahead of analysts' average expectation of $7.2 billion.
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