Google double dose of news related to Earnings and Stocks
[hana-code-insert name='StumbleUpon' /][hana-code-insert name='Reddit' /]Google has announced a healthy first-quarter profit with net income of $2.89 billion or $8.75 per share that is more than the previous year, when it was $1.80 billion or $5.51 per share.
“Google had another great quarter with revenues up 24% year on year,” said Larry Page, CEO of Google. “We also saw tremendous momentum from the big bets we’ve made in products like Android, Chrome and YouTube. We are still at the very early stages of what technology can do to improve people’s lives and we have enormous opportunities ahead. It is a very exciting time to be at Google.”
Google has “reported revenues of $10.65 billion in the first quarter of 2012, representing a 24% increase over first quarter 2011 revenues of $8.58 billion. Google reports its revenues, consistent with GAAP, on a gross basis without deducting TAC.”
The company has also announced to split its stock into 2 for 1 to protect the control of co-founders Larry Page and Sergey Brin over the company in the long term. They have said that this has been done on demand of investors.
Google said that it wants to issue a new class, i.e. class C, of stock to shareholders for each share they now own but the new shares would not have any voting power. This new plan will make it easier to trade the shares.