Well I suppose we all know who the “Big Bad” is now…
Google announced a pretty strong quarter during their earnings call yesterday. Even with somewhat weak performance from Motorola, Goog generated $14.9 Billion in revenue which represented a 12% increase over Q3 2012. This amounts to $2.97 Billion net income for the quarter (also an increase over last year), and Google announced they’re currently sitting on about $56 Billion in cash.
Investors seemed to appreciate this news, and in after hours trading, Google’s stock broke 1000 points for the first time in the company’s history. At the time of this writing, they’re currently up 120 points from before the earnings call, trading around 1010. Remarkable stock performance, leaping 13% over a period of less than a day.
Their current strategy, moving ads to mobile devices, incorporating more ads on mobile services, would appear to be paying off. It would also appear that some of Google other services like Google Apps (designed to compete against Microsoft’s business offerings) might be showing signs of life.
Now Google stands as one of the few companies which will cost you over $1000 to buy a single share of their stock. I totally should’ve bought in earlier… Sigh…