Google (GOOG) Crushes EPS Views on 24% Jump in Revenue, Pleases Shareholders With 2-for-1 Stock Split
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Revenue Growth %: +71.6%
Financial Fact:
Total costs and expenses: 9.78B
Today's EPS Names:
LBIX, ESEA, ISS, More
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Shares of Google Inc. (NASDAQ: GOOG) are trading fractionally higher after-hours Thursday following the company's first-quarter results that easily beat on the bottom line, but slightly missed on the top line. The company also announced a 2-for-1 stock split.
Revenue in the quarter rose 24 percent to $10.65 billion. Revenue ex-TAC for the quarter came in at $8.14 billion, versus the consensus estimate of $8.15 billion.
GAAP net income in the first quarter of 2012 was $2.89 billion, compared to $1.80 billion in the first quarter of 2011. Non-GAAP net income in the first quarter of 2012 was $3.33 billion, compared to $2.64 billion in the first quarter of 2011. On a per share basis, non-GAAP EPS was $10.08, up from $8.08 last year and $0.43 better than the analyst estimate of $9.65.
"Google had another great quarter with revenues up 24% year on year," said Larry Page, CEO of Google. "We also saw tremendous momentum from the big bets we’ve made in products like Android, Chrome and YouTube. We are still at the very early stages of what technology can do to improve people's lives and we have enormous opportunities ahead. It is a very exciting time to be at Google."
Google's board also unanimously approved a 2-for-1 stock split. Under the split, the company is creating a new class of non-voting capital stock, which will be listed on NASDAQ. These shares will be distributed via a stock dividend to all existing stockholders. The owner of each existing share will receive one new share of the non-voting stock, giving investors twice the number of shares they had before. The Class A shares will continue to trade under the “GOOG” ticker symbol, while the new non-voting Class C shares will trade under a different ticker symbol. "It's effectively a two-for-one stock split," CEO Larry Page said. "Something many of our investors have long asked us for."
Shares of Google last traded at $655.37, versus the close of $651.01.
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Revenue in the quarter rose 24 percent to $10.65 billion. Revenue ex-TAC for the quarter came in at $8.14 billion, versus the consensus estimate of $8.15 billion.
GAAP net income in the first quarter of 2012 was $2.89 billion, compared to $1.80 billion in the first quarter of 2011. Non-GAAP net income in the first quarter of 2012 was $3.33 billion, compared to $2.64 billion in the first quarter of 2011. On a per share basis, non-GAAP EPS was $10.08, up from $8.08 last year and $0.43 better than the analyst estimate of $9.65.
"Google had another great quarter with revenues up 24% year on year," said Larry Page, CEO of Google. "We also saw tremendous momentum from the big bets we’ve made in products like Android, Chrome and YouTube. We are still at the very early stages of what technology can do to improve people's lives and we have enormous opportunities ahead. It is a very exciting time to be at Google."
Google's board also unanimously approved a 2-for-1 stock split. Under the split, the company is creating a new class of non-voting capital stock, which will be listed on NASDAQ. These shares will be distributed via a stock dividend to all existing stockholders. The owner of each existing share will receive one new share of the non-voting stock, giving investors twice the number of shares they had before. The Class A shares will continue to trade under the “GOOG” ticker symbol, while the new non-voting Class C shares will trade under a different ticker symbol. "It's effectively a two-for-one stock split," CEO Larry Page said. "Something many of our investors have long asked us for."
Shares of Google last traded at $655.37, versus the close of $651.01.
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