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If Google is any litmus test for the state of the US economy, the worst recession in 70+ years is now firmly behind us.
The search giant reported a stellar third quarter, beating all Wall Street Estimates.
…net income in the quarter ended Sept. 30 rose to $1.64 billion, or $5.13 a share, from $1.29 billion, or $4.06 a share, in the same period last year. Net revenue rose to $4.38 billion from $4.04 billion. Excluding special items, the company said earnings for the quarter were $5.89 a share.
While the numbers are impressive, it’s the words from Google’s CEO and CFO that give us a glimpse of a light at the end of the tunnel. Their statements include:
“We’re very, very happy…”
“…the worst of the recession is clearly behind us.”
“[Google is] accelerating hiring across the organization.”
“We’re investing, and we’re investing heavily…”
“[YouTube is] on its path to profitability in the not-too-distant future.”
“We’re certainly looking for larger businesses to buy”
“There is a real wind of optimism and a real wind of confidence around here right now”
Even a decline of 6% in prices paid per click was better than most expected–helped out by a whopping 14% increase in the number of clicks.
So, with Google recovering–heck, even YouTube appears to be close to making a profit!–does this mean that we’re out of the recession? I wouldn’t take it to the bank, but I’d certainly wager a single share of Google’s stock that we’ve seen the worst of it!
What do you think?
