Google Q1 Revenues Up 27 Percent, But Earnings Lower Than Expected
Google announced earnings today slightly lower than expected. Earnings per share came in at $8.08, below the $8.11 consensus estimate of Wall Street estimates. Revenues, however rose by 27 percent in the quarter to $8.6 billion.
Larry Page started off the call, blandly stating that everything is working “as expected” with the management transition. He is “very excited about Google and our momentum” and gave shout-outs to Eric Schmidt and exiting product chief Jonathan Rosenberg who “we will clearly miss.” And then he handed the call over to CFO Patrick Pichete.
Operating expenses were up, largely because of increased payroll. The talent wars seem to be taking their toll on Google. Google ended the quarter with 26,316 people, hiring 1,916 in the quarter. Senior VP Jeff Huber says on the call that these is a great time to invest in headcount.
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