Google shares jump on upbeat earnings report
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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