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Last Update: 20-Jul-12 09:14 ET
Google shares rise by nearly 3% following beat on revenues
Google (GOOG $609.00 +15.94) reported second quarter earnings of $10.12 per share, $0.03 better than the Capital IQ consensus of $10.09, while revenues rose 39.0% year/year to $9.61 billion versus the $8.41 billion consensus. GOOG Q2 Costs per click +1% q/q; -16% y/y; Q1 results were -6% q/q, -12% y/y. GOOG Q2 Paid Clicks +1% q/q, +42% y/y; Q1 results +7% q/q, +39% y/y. Traffic acquisition costs, the portion of revenues shared with Google's partners, increased to $2.60 billion in the second quarter of 2012, compared to $2.11 billion in the second quarter of 2011. TAC as a percentage of advertising revenues was 25% in the second quarter of 2012, compared to 24% in the second quarter of 2011. Operating expenses, other than cost of revenues, were $4.0 billion in the second quarter of 2012, or 33% of revenues, compared to $2.97 billion in the second quarter of 2011, or 33% of revenues. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2012 through the second quarter of 2012, our Google revenues in the second quarter of 2012 would have been $68 million higher.
