Google’s Profits Surge, Beat Estimates
Posted on October 21st, 2007 by Michael
In its report after the bell Thursday, Google announced a 46% increase in quarterly earnings and 2,130 new employees.
The company earned $1.07 billion ($3.38/share) compared to $733.4 million ($2.36/share) last year. Excluding certain items, Google earned $3.91/share, beating analysts’ estimates of $3.78/share. Revenues jumped to $4.23 billion, 57% more than last year and 9% more than last quarter. Net revenue (minus payments to partner sites) came in at $3.01 billion, also surpassing analysts’ projections of $2.94 billion.
The top and bottom line numbers beat the Street’s lofty expectations, but it is yet to be seen if it will prove enough to support the stock’s positive momentum.
