Sputty
2004-10-22, 12:05 PM
http://www.cbc.ca/story/business/national/2004/10/21/google_102104.html
Google shares zoom higher
Last Updated Fri, 22 Oct 2004 10:55:35 EDT
NEW YORK - Investors drove shares of Google sharply higher Friday after the internet search engine giant reported its first financial results since going public � results that showed its ad revenues growing at a faster clip than many had expected.
FROM Aug. 19, 2004: Google shares open at $100 US
Google went public in August
Google shares zoomed to $167.43 US in heavy morning trading, up $18.03 US.
After the market closed Thursday, Google said it earned $52 million US (19 cents a share) in the third quarter, more than double the $20.4 million US profit it reported a year ago.
But what really seemed to excite investors were its revenue numbers. The company said its Q3 revenues were $805.9 million, more than double its revenues in Q3 of last year and up 15 per cent over the previous quarter.
Excluding its traffic acquisition costs (the amount of revenue it has to share with its partners), it generated $503 million US in net sales in the quarter, easily beating analysts' expectations of $456 million US.
"We are very pleased with the results of this quarter. Record revenues, robust margins and cash generation all illustrated strong performance and execution over the last quarter," Google CEO Eric Schmidt said in a release.
Google went public in August at $85 US a share, began trading at $100 US and has been rising steadily ever since.
Several brokerage firms raised their price targets on Google after seeing its numbers. Prudential raised its target from $130 US to $200 US, CSFB bumped its target from $145 US to $177 US, and AmTech Research raised its recommendation from a "sell" to a "hold", while increasing its target price from $110 US to $180 US.
Written by CBC News Online staff
Google shares zoom higher
Last Updated Fri, 22 Oct 2004 10:55:35 EDT
NEW YORK - Investors drove shares of Google sharply higher Friday after the internet search engine giant reported its first financial results since going public � results that showed its ad revenues growing at a faster clip than many had expected.
FROM Aug. 19, 2004: Google shares open at $100 US
Google went public in August
Google shares zoomed to $167.43 US in heavy morning trading, up $18.03 US.
After the market closed Thursday, Google said it earned $52 million US (19 cents a share) in the third quarter, more than double the $20.4 million US profit it reported a year ago.
But what really seemed to excite investors were its revenue numbers. The company said its Q3 revenues were $805.9 million, more than double its revenues in Q3 of last year and up 15 per cent over the previous quarter.
Excluding its traffic acquisition costs (the amount of revenue it has to share with its partners), it generated $503 million US in net sales in the quarter, easily beating analysts' expectations of $456 million US.
"We are very pleased with the results of this quarter. Record revenues, robust margins and cash generation all illustrated strong performance and execution over the last quarter," Google CEO Eric Schmidt said in a release.
Google went public in August at $85 US a share, began trading at $100 US and has been rising steadily ever since.
Several brokerage firms raised their price targets on Google after seeing its numbers. Prudential raised its target from $130 US to $200 US, CSFB bumped its target from $145 US to $177 US, and AmTech Research raised its recommendation from a "sell" to a "hold", while increasing its target price from $110 US to $180 US.
Written by CBC News Online staff