Google net shy of estimates
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Google Inc , the world's  top Internet company, on Thursday reported a  weaker-than-expected 17 percent rise in quarterly profit,  disappointing investors hungry for more and sending its shares  down 9.5 percent.
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Google Inc.'s earnings and revenue growth decelerated more than analysts anticipated during the fourth quarter, magnifying worries that the Internet search leader's moneymaking machine is bogging down as the U.S. economy teeters on the brink of recession.
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One drag on Googleâs earnings in the fourth quarter was the payments it was required to make to social networks, especially MySpace. The money it made didnât cover the guarantees.
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Google closed out its fiscal year 2006 having reaped just over $3.2 billion in revenues for the final quarter, a gain of two thirds over the fourth quarter of 2005. Of that $3.2 billion, just over $1 billion of that is net earnings, an 86% annual gain â meaning Google is even more efficient now than it was last year.
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U.S. shares were expected to open lower on Wednesday after crude oil pushed to a fresh high overnight, while Web search engine Google Inc. dented sentiment as it slashed the price range on its initial public offering. In a statement posted on its IPO Web site, Google said it had cut the range on its IPO to &#36;85-&#36;95 per share from &#36;108-&#36;135 previously, a 26 percent reduction at the mid-point of the range.
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Shares of Google Inc. fell almost 9 percent on Friday after an analyst forecast a sharp drop in the price over the next 12 months as the Internet search company grows more slowly.
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Internet search company Google Inc.'s  earnings growth, which for the most part has been smooth and spectacular until now, may soon hit a speed bump, The Wall Street Journal reported on its Web site on Monday.
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Google reported a 17 percent jump in profit and a 51 percent growth in revenue in the fourth quarter, falling shy of Wall Streetâs expectations.
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On the cusp of its voyage into public trading, Google&#39;s initial stock price was set at $85 and its market value calculated at $23 billion - less than originally expected, but still impressive for a 6-year-old dot-com dreamed up in a garage.
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Google Inc. dramatically lowered expectations for the Internet search giant's value Wednesday ahead of its much ballyhooed coming out party in the public markets. The offering is still one of the biggest and highly anticipated for an Internet company, surpassing the hot issues of the dot-com boom.
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Google's quarterly profits jump 28% to $925m but the figure is not as good as analysts had hoped for.
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Google&#39;s eleventh hour price adjustment might have saved it some red-faces when it finally floated last week, but it&#39;s back to earth with a bump this week.
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No. 1 Internet search engine still waiting for SEC to give final green light before pricing stock. NEW YORK (CNN/Money) - Investors will have to wait a little longer for the Google initial public offering after the SEC said the company&#39;s registration ...
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(InfoWorld) - Despite a drop in Google Inc. share price after its Wednesday earnings announcement, investor confidence in the IT sector appears to be high as earnings season winds down. Google's announcement came in the wake of strong results by its online rivals but as usual it outshone them -- at least, in the eyes of analysts. The company reported net income of US$997 million, or $3.18 per share, for the quarter ending in December. Analysts polled by Thomson Financial had forecast $2.92 per share. Several major brokerages including Goldman Sachs Group Inc., Merrill Lynch & Co. Inc. and RBC Capital Markets Inc. raised their already-high share-price forecasts on the company. Company shares plunged however, dropping $19.75 to close at $481.75 Thursday. Analysts shrugged this off, ascribing the decline to unusually high expectations for the company. While the company dominates online ad sales, the tremendous amounts of cash it is burning in R&D and acquisitions -- mainly its $1.65 billion acquisition of YouTube Inc., announced in October, may have investors nervous, analysts pointed out. "Google continues to invest for the long term, and while that may temper results in the near term, we believe it is the right thing to do for the business" wrote UBS analyst Benjamin Schachter in a research note. Dell Inc. shares dropped Thursday after its late-Wednesday announcement that Michael Dell would be taking back the CEO reins from Kevin Rollins, who had been in that role for two and a half years. The company also announced that it now expects its fourth quarter fiscal year 2007 results to be below the average of Thomson Financial estimates for both revenue and earnings per share. Dell has been hit with a hardware price squeeze and has lost its edge as rivals such as Hewlett-Packard Co. have matched or bettered the company's logistics and supply-chain management techniques. Earlier this month, IDC reported that Dell's shipments in the U.S., more than 50 percent of Dell's sales, were down 17 percent for the year as HP overtook the company as the world's leading PC supplier. Dell shares dropped by $0.42 to close at $23.80 Thursday. Despite the concerns about Dell and Google, investor confidence in IT remains high. Though a few major IT vendors, such as Cisco Systems Inc., have yet to announce quarterly earnings, strong results from eBay Inc., Sun Microsystems Inc., Yahoo Inc., and EMC Corp. over the past few weeks suggest that several sectors within the wider IT market will enjoy at least moderate growth this year. The tech-heavy Nasdaq, which slumped earlier this month on warnings from chip makers and a few software vendors, has been rising lately, and Thursday gained 4.45 points to close at 2468.38. Â
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Web search leader Google Inc.  reported on Thursday a 28 percent rise in profits that fell short of consensus expectations, as a recent jump in operating expenses offset market share gains against rivals.
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(InfoWorld) - Google's revenue continued to climb in the second quarter with the company reporting revenue of $3.87 billion, up 58 percent compared to the same quarter last year. Net income for the quarter, which ended June 30, was $925 million, down just slightly from $1 billion in the first quarter. On a non-GAAP (generally accepted accounting principles) basis, net income for the quarter was $1.12 billion, compared to $1.16 billion in the first quarter. Google-owned sites generated revenue of $2.49 billion, or 64 percent of revenue for the quarter, an improvement of 74 percent over the same quarter last year. Revenue outside of the U.S. was $1.84 billion, or 48 percent of total revenue for the quarter. That's up from 42 percent in the second quarter 2006. Google was pleased with its international expansion. "We continue to make significant international investments and we're seeing the benefits of this strategy," said George Reyes, CFO, during a conference call to discuss the earnings. Europe drove international growth for the search giant, with Spain, Italy, and France leading the charge and Germany and the U.K. also serving as significant revenue drivers, he said. The company continues to hire new workers in its international sites and expand product support in international markets. Paid clicks grew by 47 percent compared to the second quarter of 2006. That includes clicks related to ads served on Google sites as well as the sites of AdSense customers. Earnings per share was a bit lower than expected by analysts. Non-GAAP earnings per share for the second quarter was $3.56, down from $3.68 in the first quarter and a few cents shy of the $3.59 expected by financial analysts polled by Thomson Financial. Google's rift with eBay Inc. during the quarter didn't have a negative affect on earnings, executives said. In June, eBay pulled all of its ads from Google's AdSense network. The auction giant later returned to AdSense but at a significantly lower level. Even though eBay has been the largest advertiser on AdSense, there was no impact on Google from the change, said Eric Schmidt, chairman and CEO of Google. "EBay is a long term partner for Google and while it's true they adjusted their mix in our ad model, they continue to be a significant advertiser," he said. "We did not see an impact on Google from the changes they talk about that they made." During the call with financial analysts, Schmidt touched on Google's interest in upcoming wireless spectrum auctions. Google wants to see consumers buy any mobile device and be able to connect to a wireless network and use the full capability of the Internet, he said. That's because he wants those users to become Google advertising customers. "There's a direct connection between the open interoperable network we're arguing for in the FCC filing and so forth and the usage of Google services," he said. Google filed a document with the Federal Communications Commission urging the agency to make changes to the rules for an upcoming spectrum auction in order to ensure that the resulting networks are open. Google's earnings report comes against the backdrop of hints of a challenge to the company'sÂ proposed acquisition of DoubleClick. A U.S. House of Representatives subcommittee hasÂ opened an investigation into the proposed $1 billion acquisition. The executives did not discuss the proposed merger, but Schmidt did touch on legal woes for the company. The two most significant lawsuits Google faces at the moment include those related to its book search project and the suit filed by Viacom related to YouTube, the online video site that Google owns. Schmidt called the suits very important and said he wished they could be solved by technology or otherwise. He also cautioned that governments around the world could potentially find some of Google's activities inappropriate and that could become the source of future legal troubles. For now, however, there are no such threats, he said. This story was updated on July 19, 2007 Â
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Google seemed to lose some of its sheen yesterday, after the company posted financial results indicating the online advertising market may be starting to slow.