Google Inc (NASDAQ:GOOG) reported revenues that topped Analysts’ Estimates – AAPL, MSFT

Boston, MA 04/19/2013 (wallstreetpr) – Google Inc (NASDAQ:GOOG) (Closed at $765.91, down by 2.13%), owner of the most prestigious internet search engine in the world, announced its revenues for the first quarter, which delightfully topped the estimates given by the analysts. With increased investments in video and mobile promotions, the search engine giant bagged a profit of $11.58 per share during the first quarter. The analysts had forecasted only $10.68 per share growth according to the stock data. Google’s net income grew by 16% to a whopping $3.35 billion, i.e. $9.94 per share.

With this, Google is pushing itself too high to emerge as a desktop-based search business to grab the ever-growing ad driven market, which includes web services, Smartphones, and videos. This tends to pose a tough competition to Microsoft Corp (NASDAQ:MSFT) (Closed at $28.79, Down by 0.12%) and Apple (NASDAQ:AAPL) (Closed at $392.05, Down by 2.67%). The company has already bagged bolstered results in its video and search business with proprietary websites generating revenue of $8.64 billion for the quarter. This is a whopping 18% hike than the previous year, according to expert analysts.

At the same time, Google is still doing great in its core business, leveraging a lot of resources in marketing it across the geographies. As reported by the company, revenues in the first quarter, excluding those that were passed to partner websites, grew to $11 billion. According to analysts’ projections, Google would meet a sales figure of $11.2 billion. In extended trading, Google shares rose to 4%. Earlier, it was trading down at 2.1%, closing at $765.91 in New York. The stocks have grown 8.3% in 2013 as compared to 8.1% gain for Standard and Poor’s 500 Index.

Google is smart enough to count on mobile advertising to show up with great results this quarter. In the month of February, it has upgraded the internet advertising service to make it exceptionally easier for advertisers to reach their prospective customers across different devices such as tablets and Smartphones. The company has also revamped its AdWords service, which is expected to help the marketers manage the bids for advertisements running across different locations and time. Furthermore, Google has also made significant investments beyond its core search engine-based internet advertising business. Analysts expect these ventures to bring great revenues for Google in the years to come.

During the first quarter, Google also benefitted from a federal credit that significantly helped it to reduce the tax rate and promote earnings. In the first quarter, the company has reported a tax rate of only 8%, which is even less than half of 18% for the previous year.

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Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at recently due to my passion for the markets.