It's earnings season, and up to bat today was none other than everyone's favorite search giant - Google. For the quarter gone by, the Mountain View based company reported revenue of $10.65 billion, a 24% increase from the same quarter a year-ago when the company recorded revenue of $8.58 billion. Net income checked in at $2.9 billion, a 61% increase from its first quarter earnings in 2011.
It’s earnings season, and up to bat today was none other than everyone’s favorite search giant – Google. For the quarter gone by, the Mountain View based company reported revenue of $8.14 billion, a 24% increase from the same quarter a year-ago. Net income checked in at $2.9 billion, a 61% increase from its first quarter earnings in 2011.
Earnings Per Share came in at $10.08 a share.
“Google had another great quarter with revenues up 24% year on year,” Google CEO Larry Page said in a press release. “We also saw tremendous momentum from the big bets we’ve made in products like Android, Chrome and YouTube. We are still at the very early stages of what technology can do to improve people’s lives and we have enormous opportunities ahead. It is a very exciting time to be at Google.”
In Google’s ensuing earnings conference call, where, let’s face it, all the dirt is dished, Page touched briefly on Google+, calling the company’s social networking initiative the “social spine” that connects and runs through all of Google’s other products. Data wise, Page boasted that Google+ now has more than 170 million users and that the site is experiencing “impressive engagement” and “fast growth.”
But as I pointed out in a previous story, Google now requires all users who sign up for a Google service to sign up for a corresponding Google+ account. To that end, the total number of Google+ users is an inflated figure. Further, Google continues to remain coy about what it means when it refers to “user engagement.”
In any event, it was a solid quarter for Google which was capped off with a letter from co-founders Larry Page and Sergey Brin where they announced a stock split amongst other things
It reads in part:
Effectively a Stock Split: And a New Class of Stock
Today we announced plans to create a new class of non-voting capital stock, which will be listed on NASDAQ. These shares will be distributed via a stock dividend to all existing stockholders: the owner of each existing share will receive one new share of the non-voting stock, giving investors twice the number of shares they had before. It’s effectively a two-for-one stock split — something many of our investors have long asked us for. These non-voting shares will be available for corporate uses, like equity-based employee compensation, that might otherwise dilute our governance structure.
via Google
