Google Beats Wall Street Estimates for Q4 2008, Despite Profit Drop
Google announced their earnings today as planned (though a bit early, but not as early as Microsoft) – and the news was good. They reported net revenue of $4.2 billion, while analysts’ estimates were at $4.12 billion.
Adjusted earnings (see below) translated to $5.10 a share, whereas the Street predicted $4.95.
However, the good news comes with a caveat. Net income saw a sharp decline, year-over-year. The fourth quarter of 2007 saw a net income of $1.2 billion while Q4 2008 saw “just” $382 million.
Aggregate paid clicks for Q4 were up 18% year-over-year and up 10% over the third quarter of 2008.
“Google performed well in the fourth quarter, despite an increasingly difficult economic environment. Search query growth was strong, revenues were up in most verticals, and we successfully contained costs,” said Eric Schmidt, CEO of Google. “It’s unclear how long the global downturn will last, but our focus remains on the long term, and we’ll continue to invest in Google’s core search and ads business as well as in strategic growth areas such as display, mobile, and enterprise.”
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