Google Records Revenue Record
Page 1 of 1
It's still too early to tell whether Google's new Google+ social networking play will be a financial success, but the company itself didn't need it anyway as it broke revenue records in its second quarter of 2011.
Google (NASDAQ: GOOG) reported today that it brought in $9.03 billion in GAAP revenues in the quarter ended June 30, a gain of 32 percent from the same period in 2010, and a new record.
For the same period last year, Google's revenues were $6.82 billion, and the latest report is the first time the company has broken the $9 billion mark in a single quarter.
Operating income rang in at $2.88 billion for the quarter, up from $2.37 billion in the second quarter of 2010, while net income came in at $2.51 billion, a gain from $1.84 billion a year ago.
Meanwhile, Google announced diluted earnings per share (EPS) for the quarter of $7.68, an increase from $5.71 in the second quarter of 2010.
It was the first quarter since co-founder Larry Page took over as CEO after the previous head, Eric Schmidt, stepped down after ten years at the helm.
Google just began "field trials" of its new Google+ social networking platform at the end of June, so it hasn't had time to show its financial potential yet. However, early indications are that a lot of users are anxiously waiting to try it out.
"We had a great quarter, with revenue up 32 percent year on year for a record breaking over $9 billion of revenue," Page said in a statement. "I'm super excited about the amazing response to Google+ which lets you share just like in real life."
Google's results did not disappoint Wall Street. The company's stock was trading up nearly 13 percent or $66 at $528.94 in afterhours trading, following the earnings announcement.