Google Misses Estimates, Stock Tanks and I Celebrate
Shares of Google (GOOG) are trading right now under $520 a share in live post-hours trading, down some 6%. The internet giant reported earnings and sales for the fourth quarter that missed Wall Street estimates.
4th quarter revenue came in a staggering $4.83 billion, up 51% from its 4th quarter last year. Net income came in at $1.44 billion, or $3.79 a share. After all expenditures profits missed expectations of $4.44 a share, coming in at $4.43.
Don’t think one penny is causing this drop though, its the fear that the Google company is slowing down. Google is known for blowing out profits and earnings overall, not “just missing them”.
For those wondering why I am celebrating, I made a fun short bet on Google yesterday at $550 that the stock would miss earnings :twisted:.
Below are some screen shots of Google after the earnings report came out. I took them live as the stock was free falling towards $500.
Click to Enlarge Image
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Do you expect to cover tomorrow? 500 seems like it should be pretty firmly defended by the bulls if GOOG heads that low. GOOG is also heading into oversold territory on long-term charts…
Covered at like $522.xx, no need to hold and see what happens.
nice job on the short