Google Reports Profit That Misses Analysts’ Estimates |
| BusinessWeek - Jul 15, 2010 |
Google Inc., owner of the world’s most popular search engine, reported profit that missed estimates as the company ramped up spending to take on social- networking sites such as Facebook Inc. The shares fell.
Excluding some items, profit was $6.45 a share in the second quarter, the company said today in a statement. Analysts had estimated $6.52, according to a Bloomberg survey. Net income rose 24 percent to $1.84 billion, or $5.71 a share, from $1.49 billion, or $4.66, a year earlier.
Chief Executive Officer Eric Schmidt is hiring staff and increasing the pace of acquisitions to keep from losing business to Facebook, the largest social-networking site, and Apple Inc., a competitor in mobile software and advertising. Google’s total expenses rose 22 percent to $4.46 billion in the period. The company also plans to raise as much as $3 billion by selling bonds, giving it more money to spend.
Read Full Article from BusinessWeek
- Posted: 2010-07-15 19:57:09
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