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Live Bloggin' Google's (Nasdaq: GOOG) earnings report

Begins @ 4:00pm EST
Host: Andrew Horowitz, money manager and author
The Disciplined Investor


16:01 GOOG prelim $4.84 vs $4.52 First Call consensus; revs $3.7 bln, ex TAC revs vs $3.61 bln First Call consensus.

Google reported revenues of $5.19 billion for the quarter ended March 31, 2008, an increase of 42% compared to the first quarter of 2007 and an increase of 7% compared to the fourth quarter of 2007. Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs, or TAC. In the first quarter of 2008, TAC totaled $1.49 billion, or 29% of advertising revenues.

16:10 Stock is in major rally mode, the earnings beat on revenue was a major sigh of relief as there was significant concern about the Doubleclick integration (GOOG up $40 on evening, so far). Currently trading @ $503.

16:15 Stock at $497, leveling off ahead of call. Numbers in and tabled. Overall, there is a cheer and a good amount of relief.

16:20 Chart is looking good...



16:25




16:27 The numbers are $5.19 billion gross revenue and and $4.84/share EPS, excluding expenses., Revenue rose 42%. Stock is up $51 to $507. This is a good day and clearly shows that while the financials are stinking it up, there are pockets of bright lights still in the area of technology. International revenue was 51% of total revenue, up 48% for Q4.

Message boards are wild with info: watching: InstantBull


16:29 Logging into conference call now (Lovely music - you would think that they would have some rock-n-roll...BUT NO.. classical piano instead)

Earnings Est	Current Qtr Mar-08	Next Qtr Jun-08	Current Year Dec-08	Next Year Dec-09
Avg. Estimate	4.52	4.64	19.55	24.09
ACTUAL/REPORTED	4.84	-	-	-
No. of Analysts	26	25	28	27
Low Estimate	3.88	4.07	17.81	20.35
High Estimate	4.94	5.08	21.16	27.17
Year Ago EPS	3.68	3.56	15.59	19.55

Revenue Estimate	Current Qtr Mar-08	Next Qtr Jun-08	Current Year Dec-08	Next Year Dec-09
Avg. Estimate	3.61B	3.80B	15.91B	20.24B
No. of Analysts	27	27	28	27
ACTUAL/REPORTED	3.70B	-	-	-
Low Estimate	3.30B	3.52B	15.09B	18.34B
High Estimate	3.78B	4.04B	17.21B	23.58B
Year Ago Sales	2.54B	2.72B	11.66B	15.91B
Sales Growth (year/est)	42.1%	39.7%	36.4%	27.2%

16:40: $521 and climbing, listings increased to blah blah for the ...Here we go.......International is clearly a theme for GOOG, as they open with that ... $525...GOOGLE apps are also a big focus along with partnerships. Looking to make it a portal and a much greater social network????

16:45: $530, no $531, no, $532...oh .... anyway, all global markets are on FIRE. This will bode well for Yahoo, as it will move MSFT to either increase bid or fight hard. The results are going to make Balmer crazy!

16:46 CFO George Reyes said paid clicks grew 20% year over year, and 4% sequentially from Q4. They used the word international 5-10 times already.

16:50 $526, this is clearly a result of the international edge that GOOG now has. In reaction to the results,
Apple up $3.50, BIDU is up $20, MSFT up $.65, YHOO up $.14. It is all GOOGLE, HOT HOT HOT. Seems that they are disappointed with the results of the 700mhz spectrum auction, but will look to work with it as best as possible as there are excellent opportunities. (No GPhone announcement though)

16:55 $527 Larry speaking: Excited, talking about Google APPs - Social Network targeting....Ad words and adoption of the APPS is doing well. 10 hours of video uploaded every minute to YouTUBE.

17:00 $530 Overall, seems that there is a good amount of positive feedback. Search is still the killer-app. Questions and comments. Q/A next.... (BTW, check out for additional follow up)

17:09 Looking to become the worlds largest display ad advertising source. Interestingly, there is not much discussion about mobile products. Curious.....Seems that there should have been some discussion, at least from the aspect of the apps and mobile opportunities.

17:15 $528, basic Q/A, not much more learned. Overall, earnings here are hot, no question.. Across all sectors...So, signing off. Comments????? Questions? Kudos? Tomatoes?


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