Google Reports Record Earnings
Just after the bell today Google Inc. (GOOG) has reported 1st quarter earnings with profits up 69% in the 1st quarter. The company blew past analyst estimates saying it earned $1 Billion, or $3.18 per share during the first three months of the year! This time last year the company was reporting net income of less than $600 million, or $1.95 a share.
Revenue reached a new company high of $3.66 Billion for the quarter which is a 63% increase from last year. This beat analyst estimates, and Google has done that now in 10 out of 11 quarters since its IPO in 2004.
After hours shares of GOOG are up slightly, but nothing too extreme (daily chart to the left). Google stock was trading down right when the report was release to around $471, but now has moved up trading just above $480 a share.
Update: Google is up to $483.50 as of about 5 PM
Yeah, it was a pretty good report, I’m definitely bullish on GOOG for the long term.