Google 4Q earnings nearly triple
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Google Inc.'s fourth-quarter profit nearly tripled amid another burst of breathtaking growth that enabled the online search leader to sprint past analyst expectations &#151; a habit that has helped propel its stock price above $500.
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Web search leader Google Inc.  GOOG.O, in its first earnings report as a publicly held  company, on Thursday posted a higher net profit as revenue more  than doubled on strong Web search advertising.
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Web search leader Google Inc. , in its first earnings report as a publicly held company, on Thursday posted quarterly net income and revenue that more than doubled on strong Web search advertising.
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Few companies can offer Wall Street a 28 percent gain in profit and a 58 percent increase in revenue and then have their stock prices drop. But that's exactly what happened to Google, which had repeatedly exceeded the quarterly targets set by financial analysts -- until now.
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Web search leader Google Inc. posted quarterly earnings on Tuesday that blew past expectations on strong Web search advertising, driving its share price up almost 10 percent to a record high.
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The world's most popular internet search engine, Google, says profits and sales more than double in the third quarter on strong ad demand.
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Google continues to grow revenue at a healthy clip, reporting an increase of almost 60 percent in the third quarter compared to the same period last year.Third-quarter revenue for the search giant reached $4.23 billion, up 57 percent over the same quarter last year.Net income for the quarter that ended Sept. 30 was $1.07 billion using generally accepted accounting principles (GAAP), compared to $733 million in the same quarter last year. On a non-GAAP basis, net income reached $1.24 billion in the third quarterEarnings per share on a non-GAAP basis were $3.91, beating analysts consensus as polled by First Call, which was $3.78.Google&#39;s core search advertising business, as well as expansion of services into international markets, drove growth, Google said. Revenue from outside of the United States was $2.03 billion, representing 48 percent of revenue in the quarter. That compares with 44 percent of revenue coming from international markets in the same quarter last year.
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Yahoo Inc. reported on Tuesday a quarterly net profit that more than tripled from the year earlier, boosted by the sale of shares it held in rival Google Inc. and stronger online ad revenue that analysts said may signal good results from other Web search providers.
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Internet search engine Google says its ability to cash in on web adverts helped its profits triple in the last quarter of 2006.
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Earnings season is in full swing, and results this week from bellwethers like Google, Intel, and Nokia are fueling hopes for a strong fourth quarter while confirming the investor confidence that has led to a rebound in share prices of technology vendors.All eyes were on&#160;Google, which Thursday reported another stellar quarter. For the third quarter, net income was $1.07 billion compared with $733.4 million a year ago. Revenue leaped 57 percent to $4.23 billion. The company has made some investors nervous by expanding rapidly and spending a lot of money on acquisitions to fuel growth in new areas. However, its core search business manages to ward off the competition. Google shares jumped $6.14 to $639.62 right after its announcement.Google archrival&#160;Yahoo reported a 4.6 percent decline in third-quarter profit&#160;compared to a year ago Tuesday, but revenue climbed 12 percent to $1.76 billion. Company executives said they were weeding out poorly performing services and enhancing efforts in promising areas&#160;like ad-supported music services and e-mail offerings to small businesses. The company is also expanding efforts to support third-party developers with open APIs.Even though Yahoo has been blasted for its failure to steal search ad revenue from Google, investors and analysts appear to like its strategy. Citigroup maintained a &quot;buy&quot; rating on the company while RBC maintained an &quot;outperform&quot; rating. Yahoo shares jumped $2.13 to close at $28.82 the day after the report.The market might be tougher on Internet retailers. eBay reported Wednesday that revenue climbed 30 percent but that it suffered a loss because of a $1.39 billion charge for&#160;its acquisition of Internet phone pioneer Skype. Although the company raised its 2007 revenue target, investors apparently did not like the charge for Skype, which failed to make revenue goals. Shares of eBay lost $2.50 to close at $38.10 Thursday.In one of the most-anticipated results of the week,&#160;Intel got the earnings season off to a good start Tuesday, reporting revenue of $10.1 billion, a 15 percent increase year-over-year, while achieving net income of $1.9 billion, a whopping 43 percent increase. The price competition in the market is tough, but a jump in sales and a restructuring effort appears to be paying off. Intel jumped $1.24 to close at $26.72 the day after the report.AMD did not handle the price competition so well, however. Though it registered a 23 percent rise in sales, it posted another loss. Thursday,&#160;AMD reported that its net loss was $396 million, compared with a profit of $136 million in 2006.Reaction to IBM results were mixed Tuesday, when&#160;it reported profit of $2.36 billion, compared to $2.22 billion a year ago. Revenue was $24.1 billion, a 7 percent increase from last year. Though the numbers were better than expected, a disappointing 10 percent slip in hardware sales worried investors, who pushed down IBM shares Tuesday by $3.82 to close at $115.78.Nokia managed to offset declining prices of handsets with a jump in sales. Thursday it said that for the three months ending Sept. 30, net profit increased 85 percent over the third quarter of 2006, while sales rose 28 percent. Nokia shares closed Thursday at $37.64, up by $1.11.Concerns about the U.S. economy -- because of a declining housing market and an increase in mortgage defaults -- caused shares to tumble in July and August. But judging from results this week, IT vendors were not hard hit during the quarter and investors are likely to have high expectations for the rest of the year.
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Analysts who follow Google Inc.  GOOG.O expect the Web search leader to report strong gains in  third-quarter revenue and earnings on Thursday when the  notoriously tight-lipped company announces results for the  first time as a public company.
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Internet search giant Google, which raised &#36;1.7 billion in a highly publicized IPO, announced its first quarterly earnings as a public company Thursday, and the results were stellar. Google reported revenue of &#36;805.9 million, more than double last year's &#36;393.3 million.
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Despite some market concerns over Google&#39;s growth potential in a slowing economy, the search giant continues to report strong growth, with fourth-quarter revenue up 51 percent over the same period the year before.
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Web search leader Google Inc. (GOOG.O: Quote, Profile, Research) , in its first earnings report as a publicly held company, on Thursday posted a higher net profit as revenue more than doubled on strong Web search advertising.
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Google Inc.&#39;s already soaring stock price rocketed even higher on Thursday after reporting strong growth in its first quarter as a public company, prompting skeptics
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Google Wednesday reported strong increases in fourth-quarter and full-year sales and profits that topped Wall Street forecasts thanks to robust growth in online advertising.
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Shares in Google rise more than 12% in  New York following the announcement of its huge rise in profits.