Google shares jumped $33 in the first 10 minutes of after-hours trading as the company beat estimates in its fourth quarter earnings report.
Google reported earnings of $10.65 per share on $14.42 billion of revenue, which was about 16 percent higher than the $12.4 billion analysts were expecting. The company’s stock jumped to about $735, after closing down at $702.87.
“We ended 2012 with a strong quarter,” Google CEO Larry Page said in a statement. “Revenues were up 36 percent year-on-year, and 8 percent quarter-on-quarter. And we hit $50 billion in revenues for the first time last year; not a bad achievement in just a decade and a half. In today’s multi-screen world, we face tremendous opportunities as a technology company focused on user benefit. It’s an incredibly exciting time to be at Google.”
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Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at tdevaney@washingtontimes.com.
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