Sunday, July 10, 2011

Google Reports Quarterly Earnings on Thursday, July 14 (Financial Charts) *Financial Performance Review* GOOG

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Google will report Q2 2011 financial results on Thursday, July 14


Google Financial Performance Review

Google will be reporting Q2 2011 financial results on Thursday, July 14, after market close. The conference call will be at 1:30 p.m. PT.

Google financial performance charts for prior quarters have been posted on the Google Financial Performance page and will be updated for this next quarterly report.

The Google financial performance charts are:
Google Performance by the Quarters
Earnings per Share (Diluted) and Cash Flow per Share
Total Revenues, Operating Income, Net Income
Gross Margin, Operating Margin, Net Margin
Return on Assets
Total Revenues and Earnings per Share Growth Rates
Revenue Sources
Traffic Acquisition Costs
Geographic Revenues


Google Future and Past Financial Performance

Current Q2 2011 Analysts' Estimates
Yahoo Finance analysts' estimates for calendar Q2 2011 are:
Total Revenues: $6.54B average, $6.02B low estimate, $6.75B high estimate, 29 analysts
Earnings per Share: $7.86 average, $6.98 low estimate, $8.34 high estimate, 33 analysts

Current Q2 2011 Google Outlook
Google did not provide any projections or guidance for calendar Q2 2011.

Prior Q1 2011 Financial Results
When Google reports calendar Q2 2011, the 3 months ended June, financial results on July 14, Google should meet or beat various Q1 2011 results. These financial results are charted on the Google Financial Performance page. Google for Q1 2011, the 3 months ended March, financial results were:
Total Revenues $8.575B
Operating Income $2.796B
Net Income $2.298B
Earnings per Share - Diluted $7.04 (GAAP)
Cash Flow per Share $9.72 (GAAP)
Gross Profit Margin 65.76%
Operating Income Margin 32.61%
Net Income Margin 26.80%

Summary
Google Q2 2011 financial results should meet and exceed Q1 2011. Q1 is generally the annual cyclical low for Google and Q4 is the annual cyclical high. The question is, by how much? The analysts' average Earnings Per Share estimate for Q2 is $7.86, which is an +11.86% increase from Q1 EPS of $7.04. This appears a reasonable, possibly slightly conservative, estimate, as Q2 can be a stronger quarter for Google than Q1. Google could beat an $8.00 EPS in Q2 2011. The analysts' average Total Revenues of $6.54B is way too low. Google will probably be close to or reach $9.0B in Total Revenues for Q2 2011. For Q2 2011, Google should beat Q1 2011 on Total Revenues, Operating Income, Net Income, Earnings per Share, and Cash Flow per Share. Any misses will be a disappointment and ramp down expectations for both Google and the new CEO, Co-Founder Larry Page. Google should be close to Q1 2011 on Gross Profit Margin, Operating Income Margin, and Net Income Margin. The detailed quarter by quarter charts are on the Google Financial Performance page.


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