“Google Inc., the world’s largest Internet-search company, reported profit that missed analysts’ estimates after spending more on salaries and stepping up competition with Facebook Inc. and Apple Inc. (,” Brian Womack reports for Bloomberg.
“First-quarter net income climbed to $2.3 billion, or $7.04 a share, from $1.96 billion, or $6.06, a year earlier, the company said on its website today. Profit excluding some items was $8.08 a share, below the average $8.12 analyst estimate compiled by Bloomberg,” Womack reports. “The shares declined in late trading.”
Womack reports, “Google, based in Mountain View, California, dropped as low as $547.23 in late trading. The shares, down 2.6 percent this year, had risen $2.23 to $578.51 at 4 p.m. New York time on the Nasdaq Stock Market. Excluding revenue passed on to partner sites, sales were $6.54 billion. That topped the $6.32 billion average of estimates.”
Read more in the full article here.