Google profit rise fails to impress; shares slip

invisibleSHIELD case for iPad“Google Inc. posted a 23 percent jump in quarterly revenue on a rebound in Web advertising, but its stock fell 5 percent as the company disappointed some investors accustomed to blowout results,” Alexei Oreskovic reports for Reuters.

“Investors were also caught off guard by the company’s announcement that Chief Executive Eric Schmidt would no longer take part in quarterly earnings conference calls, as it aims to ‘streamline’ the process,” Oreskovic reports. “Google said the decision should not be interpreted as having any other meaning about Schmidt’s role at the company.”

“The stock, which has risen about 5 percent since Monday, gave up those gains to trade at $566.20 after hours on Thursday,” Oreskovic reports. “The stock had gained 1.1 percent during the regular Nasdaq session.”

“Google provided few details about its business selling ads that appear on mobile phones, but said its Android smartphone software was available on 34 different devices on the market and that the number of software apps designed to run on Android phones had grown to 38,000,” Oreskovic reports. “Executives declined to say how many of the Nexus One smartphones — which Google sells directly to consumers on its website — have been sold since being introduced in January, but said the company was pleased with the phone’s ‘uptake.'”

MacDailyNews Take: Sounds Amazonian.

Oreskovic reports, “Google faces an increasing threat from iPhone-maker Apple Inc. in the mobile advertising business.”

MacDailyNews Take: You can say that again.

Oreskovic reports, “Google faces an increasing threat from iPhone-maker Apple Inc. in the mobile advertising business.”

MacDailyNews Take: Thanks.

Full article here.

[Thanks to MacDailyNews Reader “James W.” for the heads up.]

14 Comments

  1. Shmidt was nowhere to be found…he’s in the dog house.

    Maybe his destiny is going the way of Eigner, Eric start packing your bags, no one trusts you anymore you mole.

  2. Imagine:
    … AAPL = $400
    Why? Record Profits!! Revenue going past $52 Billion!!!! Zero debt!
    Great management and Expanding globally!!!!!
    … Bite and Buy still ” width=”19″ height=”19″ alt=”grin” style=”border:0;” />

  3. I was a believer when it was in below the teens, but was unable to move $$$ due to an ugly divorce situation (she’s a Windows die hard by the way). Luckily I jumped in at $53.00 and have been buying all the way through the ups and downs…. I now am over 800 shares and I additionally sell short term APPL covered calls to pad the gains.

    I tried as hard as I could to convince family and friends to get in on the ride, but in most cases my words fell on deaf ears…. they still don’t understand how I am so comfortable thru the ‘hard economic times’. They won’t listen when I tell them that it is no too late either to buy AAPL or to buy Apple products.

    What’s the term? Oh yeah, Stockholm syndrome.

  4. Congrats GOOGLE!

    40,000 Apps already and growing! 10,000 a month!

    They sell over 60,000 Android phones a day! Thats 22 million a year! With new hot handsets coming they will surpass Apple very soon! So excited!

    Competition is great for the consumer

  5. What MDN forgot to mention was this…

    “Yesterday, Google announced strong earnings for the first quarter of 2010, as the search company generated $6.77 billion in revenue — a 23% increase year-over-year. Just under $4.5 billion of that sum came from Google-owned websites, while a staggering $2.04 billion came from Google’s AdSense platform. The company’s acquisition war chest is also in great shape, as Google boasted, “as of March 31, 2010, cash, cash equivalents, and short-term marketable securities were $26.5 billion.” Before hanging up with investors, Google execs also noted that there are now over 38,000 applications in the Android Market and over 30 Android handset variations worldwide. With momentum like that, we expect to see Android get its own bullet point on next year’s earnings announcement highlights.”

    As always, the most important information MDN forgets… ” width=”19″ height=”19″ alt=”smile” style=”border:0;” /> Just Saying.

    MDN You are not doing justice to the Apple fanboys. They want to know EVERYTHING! Give it to them please.

  6. Would you kindly post the “site you copied” the infomation from at the start of your post. Some writes don’t take to kindly to people copy & pasting word for word without the link added where the infomation wad obtained.

    Also it’s not very becoming and very obvious that you are not tring to “Inform the Appe Users” your are plain and simple TROLING.

    Well as long as that pain of tring to better the information you post by smile faces are outright smug with allot of false jabs are very aparent.

    Next time Dont steal Someone elses infomation without placing a link to what you copy and past. The special word is Plager…… Get it

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