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Last Update: 19-Apr-13 07:41 ET
Google shares rise 1% following beat on earnings
Google (GOOG $779.10 +13.19) reported first quarter earnings earnings of $11.58 per share, $0.89 better than the Capital IQ consensus of $10.69, while revenues rose 35.3% year/year to $11.01 billion versus the $11.1 billion consensus. Google Inc. reported consolidated revenues of $13.97 billion for the quarter ended March 31, 2013, an increase of 31% compared to the first quarter of 2012. In the first quarter of 2013, TAC totaled $2.96 billion, or 25% of advertising revenues. Non-GAAP net income and non-GAAP EPS exclude the expenses noted above, net of the related tax benefits, as well as net income from discontinued operations. In the first quarter of 2013, the expense related to SBC and the related tax benefits were $681 million and $149 million compared to $556 million and $118 million in the first quarter of 2012 Google Revenues (advertising and other) Google revenues were $12.95 billion, or 93% of consolidated revenues, in the first quarter of 2013, representing a 22% increase over first quarter 2012 revenues of $10.65 billion. Google-owned sites generated revenues of $8.64 billion, or 67% of total Google revenues, in the first quarter of 2013. This represents an 18% increase over first quarter 2012 Google sites revenues of $7.31 billion. Google's partner sites generated revenues of $3.26 billion, or 25% of total Google revenues, in the first quarter of 2013. This represents a 12% increase from first quarter 2012 Google network revenues of $2.91 billion. Other revenues from Google were $1.05 billion, or 8% of total. Aggregate paid clicks increased approximately 20% over the first quarter of 2012 and increased approximately 3% over the fourth quarter of 2012. Average cost-per-click decreased approximately 4% over the first quarter of 2012 and decreased approximately 4% over the fourth quarter of 2012. Traffic acquisition costs increased to $2.96 billion in the first quarter of 2013, compared to $2.51 billion in the first quarter of 2012. TAC as a percentage of advertising revenues was 25% in the first quarter of 2013, compared to 25% in the first quarter of 2012. Operating expenses were $4.55 billion in the first quarter of 2013, or 33% of revenues, compared to $3.47 billion in the first quarter of 2012, or 33% of revenues. Motorola Mobile Operating Loss -- GAAP operating loss for Motorola Mobile was $271 million, or -27% of Motorola Mobile revenues in the first quarter of 2013. Non-GAAP operating loss for Motorola Mobile in the first quarter of 2013 was $179 million, or -18% of Motorola Mobile revenues.
