Google (GOOG) Explodes Upward, Stock Up 17%
Google (NASDAQ: GOOG) sold off slightly, just over 1%, into the close. Then, all hell broke out. Shares moved up 17% immediately after earnings hit. Google reported revenues of $5.19 billion for the quarter ended March 31, 2008, an increase…
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Google (NASDAQ: GOOG) sold off slightly, just over 1%, into the close. Then, all hell broke out. Shares moved up 17% immediately after earnings hit.
Google reported revenues of $5.19 billion for the quarter ended March 31, 2008, an increase of 42% compared to the first quarter of 2007. In the first quarter of 2008, TAC totaled $1.49 billion, or 29% of advertising revenues.
GAAP operating income for the first quarter of 2008 was $1.55 billion, or 30% of revenues. This compares to GAAP operating income of $1.44 billion, or 30% of revenues, in the fourth quarter of 2007
GAAP EPS for the first quarter of 2008 was $4.12 on 317 million diluted shares outstanding, compared to $3.79 for the fourth quarter of 2007 on 318 million diluted shares outstanding.
The estimates for the search engine super-giant from First Call were $4.52 EPS on $3.61 billion in revenues. Next quarter estimates are $4.64 EPS on $3.8 billion in revenues. Estimates for fiscal Dec-2008 are $19.55 EPS on $15.91 billion in revenues.
Those estimates are just a memory now. Google murdered the market’s expectations.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.