Google Inc., owner of the world’s most popular search engine, reported profit that fell short of some analysts’ estimates, a sign that online advertising may not be rebounding as fast as some had anticipated.
Net income in the first quarter rose 37 percent to $1.96 billion, or $6.06 a share, from $1.42 billion, or $4.49, a year earlier, the company said today in a statement. Leaving out costs such as stock-based compensation, profit was $6.76 a share. Estimates compiled by Bloomberg were as high as $6.91.
Google shares climbed this week as investors banked on a resurgence in Internet ad spending. Intel Corp., a barometer for the technology industry, reinforced optimism by forecasting a surge in sales and record profit margins. Google’s first-quarter performance didn’t meet expectations, said Clay Moran, an analyst at Benchmark Co. in Boca Raton, Florida. (more)
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