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Google reports $925 million Q2 profit - analysts disappointed

Posted on Friday, July 20 2007 @ 15:18:41 CEST by

Search engine giant Google reported a 28% jump in second quarter earnings, from $721.1 million profit last year to $925 million in the second quarter of this figure. But despite the strong growth, the figures weren't as good as analysts predicted.
Sales from outside its home market now account for 48% of its total business.

Overall sales were up 58% to $3.87bn compared to the same period last year, representing a 6% increase on the first quarter of the year.

"Our performance once again demonstrates the strength of our core search and ads business," said chief executive Eric Schmidt.

"The growth in our global traffic combined with our ongoing improvements in monetization resulted in solid revenue growth, even in a seasonally slow quarter."

Google shares fell marginally before the results were announced and again, more sharply, in after-hours trading on concerns about rising costs.

"The guys have been spending like drunken sailors," said Jeffrey Lindsay, an analyst at stockbrokers Sanford C Bernstein.

"Operating expenses were much higher than everyone was expecting."
Source: BBC.



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