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This article was published on October 13, 2011

Google crushes Q3 estimates, $9.72 bn in revenue, $42.6 bn cash on hand


Google crushes Q3 estimates, $9.72 bn in revenue, $42.6 bn cash on hand

Google has released it’s Q3 earnings statement, ahead of a conference call (embedded below) referencing the same. We’ll be fleshing out the finer points once the call starts, but here’s what we know from the release thus far, after an opening statement from CEO Larry Page:

“Revenue was up 33% year on year and our quarterly revenue was just short of $10 billion. Google+ is now open to everyone and we just passed the 40 million user mark. People are flocking into Google+ at an incredible rate and we are just getting started!”

Estimates from the Street put Google at $8.77 billion, so the actual earnings are nearly 1 billion higher. Revenue from Google-owned sites lead the way with 69% of total revenue, up 39% from Q3 2010. Network revenue, via AdSense, was $2.6 billion, accounting for 27% of total revenue for the quarter.

Now, the number that everyone will ask about – cash on hand. Google is reporting $42.6 billion.

Android will no doubt be mentioned in the call, especially considering Google’s recently proposed $12.5 billion acquisition of Motorola Mobility. And in fact it has been, as Page mentions that there are over 190 million Android devices having been activated.

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Larry Page opens the call:

“Since taking over CEO I have focused much of my effort on increasing velocity.”

Google+

  • 190 features launched in 90 days
  • 40+ million users
  • 3.4 billion photos uploaded
  • Ambition is to transfer the Google experience
  • Baking identity into all products
  • “Last quarter we shipped the plus, and now we’re going to ship the Google part”

Page talks about streamlining Google, shuttering products in order to optimize the company. He then moves on to talk about hiring, saying that Google will have to be careful in its hiring in order to get the best value for its dollars. 31,353 people are presently employed by Google.

Patrick Pichette, CFO

Pichette talks about growth around the world:

  • 26% growth in US revenue
  • 25% increase from the UK

http://youtu.be/J3GfzgFKWa4

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