By now you have no doubt seen the reports that Google's quarterly earnings were up 46%. This, a result of tighter budget control and increasing market share by th search giant. Google just keeps making money. According to Reuters:
Overall third quarter profit climbed to $1.07 billion. Google reported that revenues in the third quarter were $4.23 billion, up 57 percent from a year ago. Even with the great numbers there are still analysts that say this is not "mind-blowing" as some predicted a share price as high as $4.04 per share. Google (GOOG) came in at around $3.38 per share with the 46% increase. A classic case of "what have you done for me lately?"
Shares of Google rose about 1 percent. The stock climbed to $645.18 from a close of $639.62 on Nasdaq.
Wall Street was looking for a net profit, on average, of $3.22 per share, according to Reuters Estimates. Excluding one-time items and stock compensation costs, the average analyst estimate was $3.77 per share.
CNN Money on Google Profit Increase
View the webcast of Google's Q3 earning report here.
In other trading news, Bank of America (BAC) posted a nearly 32% (31.7% to be exact) loss in profit for the third quarter versus 2006. Shares of the company fell $1.30, or 2.6%, to $48.73.
Labels: Google Profit