Google reported after the market close today (Thursday, April 14th) that its first-quarter net income rose to $2.3 billion, or $7.04 a share, from $1.96 billion, or $6.06 a share in the same period a year earlier. Net revenue for the period ended March 31st rose to $6.5 billion. Excluding one-time items, Google said earnings for the period were $8.08 a share. Analysts polled by FactSet Research had expected Google to report first-quarter earnings excluding items of $8.11 a share, and $6.3 billion in net revenue.
This was a disappointing report, and Google's share price is suffering in after-hours trading, with the stock down about $32 per share, or about 5.5%. Tomorrow should be very interesting! It's Friday, and with Google trading lower we could and should see a big sell-off in tech, and perhaps in the entire market.
Don't forget to check out my column in tomorrow's Santa Barbara News Press on the April 18th Tech Brew at Fess Parker Double Tree Resort!