Google Blows Past Analysts’ Expectations, Revenue Is Up 33%
Google reported just shy of $10 billion in revenue accrued last quarter, blowing past analysts’ expectations. The 13 year old company’s revenue is up 33 percent year-over-year.
Larry Page has brought a newfound focus to Google. In the last quarter alone, Google deadpooled over 20 products. This allowed Google to focus more heavily on its long-term strategy — to build a relationship with its users.
Google+ is part of Google’s long-term strategy. The business is still new, but it is growing very quickly. About 40 million users have signed up for an account, and the service has only been out of beta for a week. Another statistic, over 3.4 billion photos have been shared on Google+. So far, the service has shown exceptional growth. Google expects that this growth will carry into Q4 2011.
On the other hand, Google says they want to perfect Google Offers before they do a fullscale roll out. The service is offered in just 11 markets, which is much less than Groupon and Living Social. But Google likes the position they are in. Groupon has not been doing too well. In fact, Groupon’s current valuation is far less than what Google estimated when they were going to acquire Groupon last year. On the off chance that Groupon does implode, expect Google to pounce on the daily deals business.
Google ($GOOG) ended the trading day up 6.9 percent to close at $558.9. The stock carried that momentum into after-hours. At the time of this post, Google was up another 5 percent in after-hours trading.
For more information, be sure to check out Google’s official press release.
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