The company is so unconcerned about U.S. Department of Justice investigation into the use of Google advertising by certain advertisers, that the company didn't even mention the probe in its earning press release, but rather dropped it as an afterthought into a routine SEC filing of its quarterly earnings.
The revelation, found by astute media looking deeper into the company's filing, stoked headlines about Google "bracing" for a "big charge."
Hah! For a company that raked in $6.5 billion in sales last quarter, a $500 million charge is a nothing.Google said as much in its filing: "we believe it will not have a material adverse effect on our business." Google also mentioned in the filing that it's being audited by the IRS and other tax authorities -- regulators owe some thanks to Bloomberg for pointing out back in October that "Google uses a complicated structure to send most of its overseas profits to tax havens, keeping its (overseas) corporate rate at a super-low 2.4%." Yawn. And then there's the Federal Trade Commission antitrust probe into Google's influence in the search market, revealed by Bloomberg last month. Another yawn. Remember the minor FTC flap over Buzz? Didn't think so. How about yesterday's Senate hearing on mobile privacy, where folks from Google and Apple (AAPL) testified about what they do with consumer data they collect. Were you riveted to C-SPAN? Me either.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV