Friday, October 14, 2011

Google Reports Strong Earnings and Exceeds Expectations - NYTimes.com

Strength in numbers

“I don’t love a lot of the things that Google’s doing, but their core business is a powerhouse,” said Colin W. Gillis, an analyst at BGC Partners. “When they bust out revenues above expectations, all the sins are forgiven.”

Such worries about expenses — along with concerns about continuing antitrust investigations, competition from Facebook and deteriorating economic conditions — have caused Google’s share price to drop 8 percent this year. But in after-hours trading, shareholders responded favorably to the earnings report, as shares rose 6 percent. Google also highlighted the growth of several of its newer businesses. Google+, its social network and Facebook competitor, has 40 million users who have uploaded 3.4 billion photos, Mr. Page said, and Google plans to begin incorporating it into other Google products. Chrome, its browser, has 200 million users, and people have activated 190 million Android phones.

Google Reports Strong Earnings and Exceeds Expectations - NYTimes.com

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