Google Earnings Easily Beat the Street
The strong results were an "October Surprise" of sorts for investors who have lately wondered whether Google's prodigious profit-making ability was beginning to wane. Last quarter, Google's results disappointed Wall Street. Not so this quarter.
Google, which dominates the online search advertising market, said it earned $7.64 a share excluding one-time items, handily beating Street expectations of $6.67 and last year's earnings per share of $5.89.
Eric Schmidt, CEO of Google, sounded pleased. "Google had an excellent quarter," Schmidt said in a statement. "Our core business grew very well, and our newer businesses -- particularly display and mobile -- continued to show significant momentum. Going forward, we remain committed to aggressive investment in both our people and our products as we pursue an innovation agenda."