Google financial results better than expected, stock jumps to near US$1,000

18 Oct 20131 Share

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Google’s third-quarter 2013 earnings call has exceeded analysts’ expectations, resulting in an 8pc rise in stock during after-hours trading.

“Google had another strong quarter with US$14.9bn in revenue and great product progress,” said CEO Larry Page. “We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device.”

Google noted a third-quarter net profit of US$2.97bn – a rise of 36.5pc – amounting to US$8.75 per share.

The market responded to Google’s strong quarterly performance in after-hours trading yesterday, when the company’s stock rose to US$959.65.

Google redeemed itself on dropping below expectations in its Q2 financial results and, for the three-month period ended 30 September 2013, GAAP operating income was US$3.44bn and non-GAAP operating income was US$4.34bn.

As far as Motorola Mobile goes, some commenters still believe this division is not yet pulling its weight. Segment revenues accounted for 8pc of consolidated revenues at US$1.18bn, down 33pc on last year’s figures.

The operating loss for Motorola Mobility has widened year-on-year to US$248m, but this is down from the previous quarter’s US$342m.

Elaine Burke is managing editor of Siliconrepublic.com

editorial@siliconrepublic.com