Google Jumps on Earnings Beat
NEW YORK (TheStreet) -- Google
The Mountain View, Calif.-based Google reported earnings of $10.74 on $11.93 billion in revenue, excluding traffic acquisition costs. With TAC, revenue was $14.9 billion. Analysts surveyed by Thomson Reuters expected Google to earn $10.34 per share on $14.79 billion in revenue, including TAC, during the quarter.
"Google had another strong quarter with $14.9 billion in revenue and great product progress," said Larry Page, CEO of Google. "We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device."
Google generated $13.77 billion in Google segment revenue, up 19% year-over-year. Google site revenue accounted for $9.39 billion, or 68% of total Google segment revenues.
Google generated $1.23 billion in other Google revenue, up 85% year-over-year.
Cost-per-click (CPC), a key advertising metric, continued to trend lower. CPC fell 8% year-over-year, and 4% sequentially.
However, paid clicks -- which include clicks related to ads served on Google sites and the sites of our Network members, increased approximately 26% year-over-year and 8% sequentially.
The company ended the quarter with $56.52 billion in cash and cash equivalents. Google had 46,421 employees at the end of the quarter, up from 44,777 at the end of the second quarter.
The company will hold a conference call at 4:30 P.M. to discuss the results.
Shares of Google ended the regular session, down 1.04% to $888.65.
--Written by Chris Ciaccia in New York
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