Earnings Central
Google
shares hit a new high in after-hours trading Thursday after the
Internet giant's earnings blew past expectations as its advertising
business expanded.
Google shares, which are up around 24 percent this year, rose more than 5 percent in after-hours trading, topping $948 a share. The previous high was $924.30, set on July 15. (Click here for the latest after-hours quote.)
Net income rose 36 percent to $2.97 billion, or $8.75 a share, in the third quarter from $2.18 billion, or $6.53 a share, in the year-earlier period.
Excluding items, Google said earnings rose to $10.74 per share. Revenue increased 12 percent to $14.89 billion from $13.3 billion a year ago.
Analysts had expected Google to report earnings excluding items of $10.34 a share on $14.79 billion in revenue, according to a consensus estimate from Thomson Reuters.
The average "cost-per-click"—the price that advertisers pay Google every time someone clicks on their ad—fell around 8 percent from the same period last year. Paid clicks increased by 26 percent. Internationally-generated revenue represented 56 percent of the total revenue, up from last year's 53 percent.
Earlier this week, Google's rival Yahoo has reported a slight dip in its revenue as display-ad revenue has been under pressure.
— Reuters contributed to this article.
Google shares, which are up around 24 percent this year, rose more than 5 percent in after-hours trading, topping $948 a share. The previous high was $924.30, set on July 15. (Click here for the latest after-hours quote.)
Net income rose 36 percent to $2.97 billion, or $8.75 a share, in the third quarter from $2.18 billion, or $6.53 a share, in the year-earlier period.
Excluding items, Google said earnings rose to $10.74 per share. Revenue increased 12 percent to $14.89 billion from $13.3 billion a year ago.
Analysts had expected Google to report earnings excluding items of $10.34 a share on $14.79 billion in revenue, according to a consensus estimate from Thomson Reuters.
The average "cost-per-click"—the price that advertisers pay Google every time someone clicks on their ad—fell around 8 percent from the same period last year. Paid clicks increased by 26 percent. Internationally-generated revenue represented 56 percent of the total revenue, up from last year's 53 percent.
Earlier this week, Google's rival Yahoo has reported a slight dip in its revenue as display-ad revenue has been under pressure.
— Reuters contributed to this article.
Correction:
The comparable year-earlier revenue figure for Google is $13.3 billion.
The comparable year-earlier revenue figure for Google is $13.3 billion.
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