Techtree News Staff, Jul 19, 2008 0850 hrs IST
While Eric Schmidt, CEO of Google, insisted all was well in spite of the below par performance, Google insiders wonder whether the strategy of reducing ad coverage was implemented right.
To the surprise of Wall Street executives, Google's second quarter earnings fell short of estimates, following which shares fell 10% in after-hours trading. This below par performance comes from a puzzling decision to cut down on ad space covered by Google.
On Thursday, Google reported a net income of $1.25 billion with revenues of $5.37 billion for the quarter ended June 30, 2008, an increase of 39% compared to the second quarter of 2007 and an increase of 3% compared to the first quarter of 2008. Google reports its revenues, consistent with GAAP(Generally Accepted Accounting Principles), on a gross basis without deducting traffic acquisition costs, or TAC. In the second quarter of 2008, TAC totaled $1.47 billion, or 28% of advertising revenues.
"Strong international growth as well as sustained traffic increases on Google's web properties propelled us to another strong quarter, despite a more challenging economic environment," said Eric Schmidt, CEO of Google. "As we continue to focus on innovating in our core business of search, ads and apps, we also look forward to enhancing the experience of our users and expanding the reach of our advertisers and partners with new technologies and formats, particularly as our integration of DoubleClick gains momentum and creates new opportunities in display advertising and elsewhere."
Google's co-founders Larry Page and Sergie Brin hold slightly divergent views on reducing ad coverage
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