"We had a great quarter," said Larry Page, CEO of Google, in a statement. "Revenue was up 33% year on year and our quarterly revenue was just short of $10 billion. Google+ is now open to everyone and we just passed the 40 million user mark. People are flocking into Google+ at an incredible rate and we are just getting started!"
The company reported non-GAAP earnings of $3.18 billion, or $9.72 a share, for the three months ended in September. Revenue totaled $9.72 billion. Excluding traffic acquisition costs of $2.21 billion, revenue came in at $7.51 billion. The average estimate of analysts polled by Thomson Reuters was for earnings of $8.74 a share for the quarter on revenue of $7.22 billion.
The stock was last quoted at $594.50, up 6.4%, on volume of 1.31 million, according to Nasdaq.com. Based on a regular session close at $558.99, the shares were down roughly 7.7% so far in 2011, although they've seen a healthy bounce since plumbing a 52-week low of $473.02 on June 24.Google reported increases in both paid clicks and cost-per-click on year-over-year basis but did see a decline of 5% in cost-per-click on a sequential basis.
DepomedThe big loser after Thursday's closing bell was Depomed (DEPO), which disappointed with the clinical results of a late-stage trial of Serada, its proposed drug to treat menopausal hot flashes. The shares plunged 27% to $4.60 in extended trading with volume running above 405,000, according to Nasdaq.com. Depomed said efficacy data from the phase III trial of Serada was "positive and statistically significant for three of the four pre-specified primary endpoints of frequency and severity at four and 12 weeks" and that data for key secondary endpoints at 24 weeks didn't achieve "statistical significance." The company said the safety data found the tablets were well-tolerated and that it plans to discuss "possible pathways" for a new drug application with the Food and Drug Administration.
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