Google co-founder and CEO Larry Page speaks during a news conference at the Google offices on May 21, 2012 in New York City.
Google missed its earnings estimates for the second quarter, but beat on revenue.
The search giant reported earnings of $6.08 per share on revenue of $15.96 billion for the June quarter, missing Wall Street estimates for earnings of $6.24 per share, but coming in ahead of estimates for revenue of $15.62 billion.
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“Google had a great quarter with revenue up 22% year on year, at $16.0 billion”, said Patrick Pichette, CFO of Google. “We are moving forward with great product momentum and are excited to continue providing amazing user experiences, with a view to the long term.”
In its release, Google also announced that Nikesh Arora, its chief business officer, is leaving the company after nearly a decade to take a position at SoftBank.
Cost-per-click, a point of focus among investors, continued to decline as more ads get served on mobile. Google reported that the average cost-per-click declined by about 6% from the same quarter a year earlier, though it remained constant on a quarter-over-quarter basis.
Google now has more than $61 billion in cash and marketable securities, up from $58.7 billion in the December quarter. The number of full-time employees worldwide jumped above 50,000 in the quarter, hitting 52,069.
Both classes of Google stock — GOOG and GOOGL — were up by about 1% in after hours trading following the earnings report.
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Tags: BUSINESS, STOCKS