Business

Google 2Q earnings soar past analyst estimates

Posted July 14, 2011 12:00 am

Associated Press

SAN FRANCISCO — Google has ushered in new CEO Larry Page with second-quarter earnings that were far better than analysts expected.

The results released Thursday may help reassure investors that Google is still thriving under Page’s leadership. The Google co-founder replaced Eric Schmidt, the CEO of the previous decade, at the start of the quarter.

Google earned $2.5 billion, or $7.68 per share, in the April-June period. That’s a 36 percent increase from $1.84 billion, or $5.71 per share, a year ago.

If not for costs covering employee stock, Google says it would have earned $8.74 per share. That figured topped the average analyst estimate of $7.84 per share.

Revenue increased 32 percent to $9 billion. After subtracting Google’s advertising commissions, revenue stood at $6.9 billion. That also beat analyst projections.

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