TEXT OF STORY
SCOTT JAGOW: Since Google went public three years ago, the company has obliterated Wall Street’s expectations almost every single quarter.
Yesterday the search engine did it again. Google beat analysts’ predictions by 38 cents a share. Profits increased 69 percent over last year’s first quarter.
And Google’s even been on a spending spree, buying the websites YouTube and DoubleClick.
Our Lisa Napoli explains why those were good moves.
LISA NAPOLI: These are smart acquisitions that Google needs to grow. They’re spending money to make money. To dominate advertising they need to own advertising even more than they already do. And even though both of these acquisitions are controversial, they’re giving them more mindshare.
In after hours trading, Google’s stock shot up 3 percent to $471 a share.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
Give today and get our limited edition tote.