Google Sees 82% Profit Jump, Is It Enough?
Reuters reports Google’s net profit rose 82% in fourth quarter to $372.2 million.
Net income for the fourth quarter rose to $372.2 million, or $1.22 per diluted share, from the year earlier quarter’s $204.1 million, or 71 cents a share. Gross revenue grew 86 percent to $1.92 billion
The consensus Wall Street prediction for net profit was $1.51 per share, according to Reuters Estimates.
We’ll update with Wall Street’s reaction.
Update: After Hours market shows Google down 13%+ to $373. Ouch.
Update 2: I always find great analysis at TheStreet.com. Here’s their take on why GOOG is tanking.
…earnings were just $1.54 a share, missing the $1.76-a-share Wall Street consensus. An unexpectedly high tax rate appeared to be the chief culprit…Bears pointed to a declining revenue contribution from overseas sources…sales from outside the U.S. made up 38% of the top line in the fourth quarter, compared with 39% in the third.