Google's 2Q Results: Postgame Scorecard
Driven by higher revenue, Google (NASDAQ:GOOG) saw its profit increase in the second quarter.
Earnings and Revenue The company's revenues topped Wall Street's expectations, though the company's EPS fell short of predictions. The company reported EPS of $8.42 a share versus the $8.76 a share estimate and revenues of $12.21 billion versus the $8.41 billion estimate. The estimates of 26 analysts ranged from profit of $8.10 to profit of $9.98.
The company's net income for the quarter was $2.79 billion. According to the reported number, this is up 11.2% from last year's levels. Revenue climbed 35.3% from $9.03 billion in the same period last year.
Company Fundamental Trends Last quarter marked the third in a row of rising net income. The company has averaged revenue growth of 30.1% over the past five quarters.
History Against Expectations The company missed estimates last quarter after surpassing the mark the quarter before. It reported net income of $8.75 versus a mean estimate of net income of $8.24 per share.
Official Comment: "Google standalone had a strong quarter with 21% year-on-year revenue growth, and we launched a bunch of exciting new products at I/O - in particular the Nexus seven tablet, which has received rave reviews," said Larry Page, CEO of Google. "This quarter is also special because Motorola is now part of the Google family, and we're excited about the potential to build great devices for users."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.