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Google Reports Early: Huge Miss Sends Stock Plunging
Google is down over 8% as it reported earnings early and surprised to the downside...
- GOOGLE 3Q REV. EX TAC $11.33B, EST. $11.83B
- GOOGLE 3Q ADJ. EPS $9.03, EST. $10.65
- Q3 REVENUE EX-TAC $11.33 BLN VS EXP. $11.83 BN
- Q3 NETWORK REVENUE USD 3.13 BLN
Highlights from the Edgar-filed 8K (more here):
- GAAP operating income in the third quarter of 2012 was $2.74 billion, or 19% of revenues. This compares to GAAP operating income of $3.06 billion, or 31% of revenues, in the third quarter of 2011. Non-GAAP operating income in the third quarter of 2012 was $3.80 billion, or 27% of revenues. This compares to non-GAAP operating income of $3.63 billion, or 37% of revenues, in the third quarter of 2011.
- GAAP net income in the third quarter of 2012 was $2.18 billion, compared to $2.73 billion in the third quarter of 2011. Non-GAAP net income in the third quarter of 2012 was $3.01 billion, compared to $3.18 billion in the third quarter of 2011.
- GAAP EPS in the third quarter of 2012 was $6.53 on 333 million diluted shares outstanding, compared to $8.33 in the third quarter of 2011 on 327 million diluted shares outstanding. Non-GAAP EPS in the third quarter of 2012 was $9.03, compared to $9.72 in the third quarter of 2011.
- Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense, as well as restructuring and related charges recorded in our Motorola business. Non-GAAP net income and non-GAAP EPS exclude the expenses noted above, net of the related tax benefits. In the third quarter of 2012, the expense related to SBC and the related tax benefits were $715 million and $155 million compared to $571 million and $116 million in the third quarter of 2011. In the third quarter of 2012, restructuring and related charges recorded in our Motorola business were $349 million, and the related tax benefits were $76 million.
- Google Revenues (advertising and other) – Google revenues were $11.53 billion, or 82% of consolidated revenues, in the third quarter of 2012, representing a 19% increase over third quarter 2011 revenues of $9.72 billion.
- Google Sites Revenues – Google-owned sites generated revenues of $7.73 billion, or 67% of total Google revenues, in the third quarter of 2012. This represents a 15% increase over third quarter 2011 Google sites revenues of $6.74 billion.
- Google Network Revenues – Google’s partner sites generated revenues of $3.13 billion, or 27% of total Google revenues, in the third quarter of 2012. This represents a 21% increase from third quarter 2011 Google network revenues of $2.60 billion.
- Google International Revenues – Google revenues from outside of the United States totaled $6.11 billion, representing 53% of total Google revenues in the third quarter of 2012, compared to 54% in the second quarter of 2012 and 55% in the third quarter of 2011.
- Foreign Exchange Impact on Google Revenues – Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the second quarter of 2012 through the third quarter of 2012, our Google revenues in the third quarter of 2012 would have been $136 million higher. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the third quarter of 2011 through the third quarter of 2012, our Google revenues in the third quarter of 2012 would have been $557 million higher.
- Google revenues from the United Kingdom totaled $1.22 billion, representing 11% of Google revenues in the third quarter of 2012, compared to 11% in the third quarter of 2011.
- In the third quarter of 2012, we recognized a benefit of $62 million to Google revenues through our foreign exchange risk management program, compared to $1 million in the third quarter of 2011.
- Reconciliations of our non-GAAP international revenues excluding the impact of foreign exchange and hedging to GAAP international revenues are included at the end of this release.
- Paid Clicks – Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our Network members, increased approximately 33% over the third quarter of 2011 and increased approximately 6% over the second quarter of 2012.
- Cost-Per-Click – Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our Network members, decreased approximately 15% over the third quarter of 2011 and decreased approximately 3% over the second quarter of 2012.
- TAC – Traffic acquisition costs, the portion of revenues shared with Google’s partners, increased to $2.77 billion in the third quarter of 2012, compared to $2.21 billion in the third quarter of 2011. TAC as a percentage of advertising revenues was 26% in the third quarter of 2012, compared to 24% in the third quarter of 2011.
Stock in freefall:
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Down Down down and take that AAPL pos with you
Shit must be running down the legs of the faceplant boyz right about now.
how anyone thought google was ever worth anywhere near even half of what it trades is fucking nuts. just like fuckbook and aaple....i guess it's in the air....
B a u m g a r t n e rrrrrrrrrrrrrrrrrrrrrrrrrrrrrr!
Trading Halted!
Funny how they never halt stocks that go up in price.
Look where the problem came from M O B I L E.. Cannot be monetized..............................
Those numbers can't be right...I'm gonna Google it...
Serious question.
Does anyone know if Google gets a hit when someone searches using Startpage or Ixquick?
not sure. Ixquick has a piggyback option off of google without registering your IP. so i guess if facebook fakes most of their click-throughs, then i'm certain google will count that Ixquick optional search.
Yes, they do, startpage is just a privacy proxy.
In the past google has blocked proxied searches when the proxy has gotten too large (ie google loses too much revenue from it.)
I'm more butthurt by FB's resilience in hanging around $20 and posting 11-12 cents EPS.
Options market makers were frantic. Wide ass spreads nobody knew what hit them. Good work GOOG!
MOTHER FUCKERS.... this is about as bullshit as it gets...fuck all you cocksuckers...I was waiting to play those spread near the close
Good time to replace IBM in the Dow
"Google Bomb" just got a new meaning.
Personally I hope that Reggie the Gobble lover personally apologizes to all of his brainwashed followers as well as all as any dupes on ZH who took his nefarious advice. Gobble = NSA
Actually, I think AT&T is NSA and Google is CIA, but who really knows and what's the difference?
GREAT GOOGLIE MOOGLIES ! IT'S THE END OF THE WORLD AS WE KNOW IT ! And, I'm feeling fine..............................
Reggie was wiped out. Off with the suit, back to the loin cloth and spear, just in time for SHTF. BANKERS. iT'S WHAT'S FOR DINNER.
IBM,INTC........GOOOOOOOOOOOOOOOOOOOOOOOOOG!
Bernanke going to upgrade GOOG to buy on weakness, for the good of the Ponzi.
Yup, the economy is BOOMING. Michelle Obama said so.
Rayciss.
She said BOOMERANGING.
Michelle O is racist against Aussies and Koalas.
But is she against Australian kissing?
You know, down under.
pods
Michelle Obama's ass is BOOMING
Reggie Middleton please report to the emergency room, Code Blue. I repeat CODE BLUE.
Reggie Reggie Reggie!!!!!! What's going on here? Your number one pick!!!!!!!!!!!!
WRONG AGAIN!!!
I have no doubt that he will somehow find a way of interpreting these numbers to conclude that he was, as always, right. After which he will surely grace us all with a Dion Sanders endzone dance...Because that's how he rolls.
Buried in his 1000 pages of pro google analysis of uninterpretable nonsense there will be language that there is a remote possibility of a miss due to a so in so risk factor on footnote 26 on page 645 and he will say I told you so, that I saw this coming, and this is a buying opportunity.
no doubt about it.
This could be serious.......I think I'll convert my GOOG to AAPL
ahhhh poor search engine, i thought google was going to save the world.
Reggie... Oh Reggie... *crickets*
BoomBustBlog post of how Reggie saw this coming in 3, 2, 1...
Free FALLIN
What were Lavorgna's projections ;)
If revenue is down 15% why hasn't FB hit negative numbers yet?
Missed it by > that < much!
Bloomberg suggests that the press release was early through a mistake - based on placeholders for some items such as CEO's comment(s).
Reggie did you tell us your clown obama supporter. Any way you slice and dice these numbers they are steaming turds.
Boom or bust?
Paging Mr Middleton...
I'm really looking forward to hearing him try to spin this one.
Don't scare Reg away - he's valuable as a contrarian indicator.
I predict he will say "I never said buy GOOG"....just like he claimed he never said "Sell AAPL"...at 480!.
It's gonna be fun watching him twist in the wind with this one.
Quickly, Reggie! To the barricades!
Buy the Dip. LOL..JK!
Margin calls are coming fast, Bitchez!!
edit: Shares halted at -9% (but it's ok if they go up 20 sigma moves?!?!)
fuck this rigged game!
Hey Google, Say Hello to my little friend THE EDGE...
Warning Will Rodgers. Algo meltdown. Does not compute. Dive! Dive! Dive! Aooga, Aooga. Dive! Dive! Dive!
So glad none of the mutual funds own GOOG. Whats that? They all OWN GOOG> Oh My!
Bullish news! All is well! Buy the dip and hold for 5-10 years!
The stock is dirt cheap. Bernanke has your back and will buy GOOG if needed.
Trees grow to the sky. Cramer is a genius. CNBC never lies.
Funny how the definition of plunge is now like 5 snp points
because ppl are realizing Chrome is a POS!
Why did Google need to reinvent the "wheel" when FireFox is a able open source browser? I'm curios to hear from any one who knows.
Number one reason would be data collection.
Are you saying you can block data collection via FF but not Chrome? Hard for me to believe given all the open source addons that address these issues.
Firefox seriously needs to work on user-friendliness. It's just too confusing. Too many clicks to get what I want. Half the stuff is hidden and I have to go find it.
Not impressed with it at all.
work on user-friendliness.
Interesting. I think intuitive user interfaces are lacking in open source software. Not an issue with me but I'm in the software industry. I know Reggie hates Apple but they have intuitive user interfaces for the casual user of technology. It's not the device or the underlying OS, it's the user experience that is most important.
Apple has always taken interface seriously, and they're really about the only company that ever has. They blow away all the competition on interface, that's for sure. (Although, being primarily a listener of ALBUMS, I really hate iTunes.)
Classic Head and shoulders in retrospect.
Not bad! Let's see some serious crashing start just before the election.
Let it be known that I have no objection!
Trading halted...BOO!
Fucking bullshit. Not surprised though, cant have the darlings tank 3 weeks before election
October, Market down, Friday tomorrow. Hmmmmm
Monthly chart says 'no big deal'
Trading halted says otherwise.
Google goes Snuffaluffagus to halted.
wait??? does that mean Google might charge me for my crappy vid mash-ups?
YouTube - Cliff on The Coming Financial Cliff: Mitt Romney 'The Numbers Add Up!', Robertson 'How Do You Know?"
the horror....the horror
aapl...fb...dive
Trading halted on GOOG.
I see I'm a little late on this one. Any guesses at what it'll reopen at?
Probably open up 1-2% ... The PPT does not want to be too obvious. /Sarc Off
And they called the swan GOOG and it was black.
New species - Cygnus Googlus nigir
Google misses, quick sell gold, that should make up for it.
Yes everyone should sell all their gold. Right now. At the same time.
This is absolutely hilarious. Screw the muppets and save my short trade today!
Not to worry. The Fed will announce that as part of QE 4 they will be acquiring shares in "strategically important" companies such as GOOG, FB and AAPL for "national security" reasons. BTFD!
BAM's got it right, there is no way this corrupt fawkin market allows a short to get out with a dime on this trade. Buy 1000 weekly ITM calls and make a ton. CNBC is dragging every assbite analysis they can find to say; "DON'T BELIEVE WHAT YOU SEE!!!"
Google celebratin da Black Monday ov 1987 :P
Shares of Google halted on Nasdaq after 9% slide
I can't wait to hear how Bob Piss-ani, spins this one. Reopen the stock and let that fucker burn!
The French media sites news must have hit the market.
Wonder if Reggie's clients knew of this announcement?
LOL
Lol @ halting.
Can not have Nasdaq, Dow, S&P 500 Red prior to Monday's final debate between the red and blue hued fascists.
They might have to halt the entire market until elections at this rate.
Cramer just blew thru all his coke stash
Smells like 2009 to me boys and girls....
How many trades are they going to DK over this one?
How long before Warren Buffet crawls out of his cave babbling about this great buying opportunity?
Coal stocks looking ripe for the short again. Jesus, people never learn. Oh yeah, there are no people in the market...lol.
Ever since Google stop searches for guns I stoped using them and I also cancelled my search advertisinig in by business through google. They can all go to hell.
Wait, what do you mean they stopped searches for guns?
I recently queried something related to guns, and all the sites that came up months prior were gone. I thought the sites shut down. You're saying Google removed them from search results?
Also, what engine do you use now? I've been looking for a good alternative to google for some time.
"Google shopping site bans weapons related searches, etc etc etc..." June 2012
Try Yahoo idiot.
Yahoo blows worse than your mom, you sheep fucking mouth breather.
@devo: I use http://duckduckgo.com/. It doesn't track (or at least they say that they don't). Have been using it for one year and I notice that I am not getting eerie unsolicitated popup ads in places where they shouldn't appear.
I want to sell my GOOG. When are they going to reopen trading ??????
Another CONfidence builder for "the system". "The Market" continues to shrug off bad news in favor of financial engineering.
If you're pissed off now, just wait till "the market" drums up the busload of horseshit that sends Google and the Q's back to even before the close. Think they don't have the balls to do this - THINK AGAIN!! Google's earnings were allowed to be seen BEFORE the cook job that all companies are given license to do prior to "PUBLIC" release. There's an asshole on CNBC right now talking about how it should open flat or higher (754) prior to the drop. We live in the Matrix fawkwads, get a clue!
How long before Obama's writing Google a blank check?
All roads lead to gold.
Someone get Reggie Middleton on speed dial....
Will this cause Benny to add another $10 billion to the monthly pot? Or, perhaps LNKD is really worth 2000 times earnings.
There must be something poetic about Google showing a picture of Moby Dick today!
Oh, there is, there is.
Apple is sitting on $110 billion and a reasonable P/E ratio, but, yeah sure, Apple.