Google reports better than expected earnings
Google posted second-quarter net income of $3.93 billion, or $6.43 per Class C share, up from $3.35 billion, or $ 4.88 per Class C share, a year earlier. Excluding certain costs, the company had earnings of $6.99 a share in the latest quarter; analysts had projected earnings of $6.70 per share on that basis, according to Thomson Reuters.
Revenue rose 11% to $17.73 billion. Excluding traffic-acquisition costs–the revenue Google shares with other companies that syndicate its search results–revenue totaled $14.35 billion, above the average analyst forecast of $ 14.27 billion.
Excluding currency fluctuations, Google said its revenue in the June quarter would have improved 18%.
The company’s new financial chief, Ruth Porat, who joined from Morgan Stanley in May, said in prepared remarks Thursday that the latest results reflected “continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising.”
Shares of Google, up 1.9% over the past 12 months, rose 7.6% to $647.50 in after-hours trading.