Google Releases Third Quarter Results

Published by: Kelly Curtis on 15th Oct 2010 | View all blogs by Kelly Curtis

Google Releases Third Quarter Results

Google released results Thursday for the third quarter, announcing revenues of $7.29 percent for the company between July and August. The report indicates earnings 23 percent higher than the third quarter of 2009.

The numbers were reported, as usual, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC).  In the same period, TAC for the company totaled $1.81 billion, a figure that made up just over a quarter of the firm's advertising costs.

Google's GAAP operating income for the third quarter came to $2.55 billion, or 35 percent of its revenues. This compares to GAAP operating income of $2.07 billion, 35 percent of revenues, in last year's third quarter. Non-GAAP income, meanwhile, came in at $2.93 billion, 40 percent of revenues, compared to $2.39 billion, also 40 percent of revenues, last year.

GAAP net income for the company came to $2.17 billion in the third quarter, compared to $1.64 billion in last year's third quarter. Non-GAAP net income for the third quarter of 2010 was  $2.64 billion, compared to just $1.88 billion in 2009's third quarter.

GAAP EPS for the third quarter, meanwhile, was $6.72 on 322 million diluted shares outstanding, compared to $5.13 in the third quarter of 2009 on 320 million diluted shares outstanding. Non-GAAP EPS for the third quarter came to $7.64, compared to $5.89 in last year's third quarter.

Non-GAAP operating income and non-GAAP operating margin exclude the expenses related to stock based compensation, or SBC, and the related tax benefits. In 2010's third quarter, the charge related to SBC was $380 million, compared to $318 million a year ago. The tax benefit associated with SBC was $85 million for the third quarter of 2010, compared to $73 million in last year's third quarter.

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