Google’s second quarter performance is making Wall Street happy.
The Internet search giant reported $6.99 earnings per share, while analysts were expecting about $6.70. Google generated $17.7 billion in sales over the past three months, an 11% growth from last year. Wall Street was looking for about $17.8 billion to $18 billion, a 13% acceleration. Overall the company made $3.9 billion in profits.
While more people clicked on its ads in the second quarter than last year, businesses still shied away from spending. The amount of money advertisers paid for clicks dipped 11%. Google experienced the same trend during the first three months of this year too.
Analysts are expecting a lot from Google this year now that Ruth Porat is CFO. Porat, who joined earlier this year, was previously the CFO for Morgan Stanley. She will likely cut down on costs and expenses to help Google regain profit acceleration.
Google shares were up in after-hours trading. So far this year, the stock has been up about 10%, outperforming the S&P 500.
