Google Tops Estimates, Will Replace CEO
NEW YORK (TheStreet) -- Google (GOOG) served up a nice fourth-quarter earnings beat with a side of surprise: The search giant announced that on April 4, co-founder Larry Page will replace Eric Schmidt as CEO.
"As our results today show, the outlook is bright. But as Google has grown, managing the business has become more complicated," said Schmidt in a Google blog post that hit the site at the same time as the company's earnings report. "So Larry, Sergey and I have been talking for a long time about how best to simplify our management structure and speed up decision making -- and over the holidays we decided now was the right moment to make some changes to the way we are structured."
 |
Schmidt will assume the role as Executive Chairman, and serve as an advisor to Page and co-founder Sergey Brin.
Google's adjusted profit rose to $8.75 per share from $6.79 during the same quarter last year. Analysts had expected adjusted profit of $8.07 per share.
The company posted adjusted revenue of $6.4 billion, beating analyst forecasts of $6.05 billion. Google said the number of paid clicks, the number of times that users clicked on advertising to generate revenue for the company, increased 18% year-over-year and 11% over the third quarter. The company currently holds $35 billion in cash and has 24,400 employees, up from 23,331 last quarter. Shares of Google rose 0.98% to $632.94 in after-market trading Thursday. --Written by Olivia Oran in New York.>To follow the writer on Twitter, go to http://twitter.com/Ozoran. >To submit a news tip, send an email to: tips@thestreet.com.
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
