Google’s making money
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.
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