Google financials exceed estimates in latest numbers [Update]

Google is one of the first big tech companies to reveal its financial results for the last quarter and its numbers are indeed impressive. According to Google's press release, the quarter that ended on June 30 brought in $9.03 billion, an increase of 32 percent compared to the same period a year ago. Financial analysts has expected Google to bring in $8.6 billion in revenue. The company reported a profit of $2.51 billion, which was higher than the $1.84 billion recorded at the same time period a year ago.

Any way you look at the financial numbers it's clear that Google had a solid second quarter. The company currently has $39.1 billion in cash and 28,768 full time employees, up from 26,316 employees in the first quarter of 2011. The news has sent Google's stock price way up in after hours trading; the price is currently 12 percent higher than at the close of trading at 4 pm Eastern time.

Of course the big recent news is the launch of Google+, the new social networking service that Google started just a few weeks ago. While today's press release didn't give any subscription numbers for Google+ the company's CEO Larry Page is quoted as saying, "I'm super excited about the amazing response to Google+ which lets you share just like in real life." Some estimates have over 10 million people signed up to use the new service. More info on Google+ is expected to be revealed during the company's quarterly conference call with investors later today.

Update - The original version of the story had incorrect profit numbers; we regret the error.

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18 Comments

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MS Lose32 said,
The thing I like about Google is that I use their products all the time yet I have NEVER paid a single cent to them in my entire life!

You dont have to pay them anything...YOU are their product.

ITSB said,

You dont have to pay them anything...YOU are their product.

Wow! How did you come up with? Fantastic!

FMH said,
Wow! How did you come up with? Fantastic!

Lets see...what does Google sale? Ability to point ads at folks, right? How do they know what ads to point in your direction? Oh, thats right, your browsing habits, what your are doing with their services, etc. This makes you the product when they are selling the ability to know tons about you and what products they think you would be interested.

Pretty simple equation in my book. They sell you so you = the product.

KingCrimson said,
Doesn't matter. Apple is the king of profit-making. Already their cash hoard is $60 billion and set to double in 3 years.

Remember Google gives away most for free.

Just for comparison, ExxonMobil in 2010 reported $30 billion in profit on $383 billion in revenue. Google is on pace to generate $28 billion in profit on revenues of $36 billion. And the Government wants you to believe that it's the oil companies that are the evil, greedy companies...

Just wow.. Mind boggling how you came to that conclusion. Stick to tech or whatever it is that interests you, just not business.

Hurricane Andrew said,
Just for comparison, ExxonMobil in 2010 reported $30 billion in profit on $383 billion in revenue. Google is on pace to generate $28 billion in profit on revenues of $36 billion. And the Government wants you to believe that it's the oil companies that are the evil, greedy companies...

Hurricane Andrew said,
Just for comparison, ExxonMobil in 2010 reported $30 billion in profit on $383 billion in revenue. Google is on pace to generate $28 billion in profit on revenues of $36 billion. And the Government wants you to believe that it's the oil companies that are the evil, greedy companies...

That last sentence came out of nowhere...

Hurricane Andrew said,
Just for comparison, ExxonMobil in 2010 reported $30 billion in profit on $383 billion in revenue. Google is on pace to generate $28 billion in profit on revenues of $36 billion. And the Government wants you to believe that it's the oil companies that are the evil, greedy companies...

Damn right they're greedy, where did Exxon's $353 billion go? Oil execs, politicians, middle east, etc.

Hurricane Andrew said,
And the Government wants you to believe that it's the oil companies that are the evil, greedy companies...

Google fails = Service (e.g. Wave) shuts down.
Oil company fails = Deepwater Horizon.

Yep, the Louisiana coast just ain't been the same since Google Wave...

thommcg said,

Google fails = Service (e.g. Wave) shuts down.
Oil company fails = Deepwater Horizon.

Yep, the Louisiana coast just ain't been the same since Google Wave...


hahah so true

Hurricane Andrew said,
Just for comparison, ExxonMobil in 2010 reported $30 billion in profit on $383 billion in revenue. Google is on pace to generate $28 billion in profit on revenues of $36 billion. And the Government wants you to believe that it's the oil companies that are the evil, greedy companies...

WTH are you smoking