Google Inc. (NDAQ:GOOG) reported in an
8K filing
after-hours yesterday that they topped earnings estimates by $0.20,
coming in at $2.62. The company impressed analysts with a net income that nearly
doubled to $733.4 million while they reported that their foreign market share rose from
39% to 44%. These results suprised analysts as the stock traded up
over 6% at open today.
The primary concern that investors had going into the quarter was the fact that Google was
spending too much money without showing significant improvements in their
bottom line. The numbers released yesterday relieved these concerns as
well as some copyright infringement concerns that investors had concerning
the acquisition of YouTube. The company noted that federal legislation
protected the company so long as it made "good faith" efforts to remove
material that infringed on intellectual property rights. All together, this
release boded well for the company, as many investors are expecting
Google to hit $500 before heading lower.
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