Google has good 2nd qtr despite Motorola losses
Google had a good 2nd qtr due to better mobile ads, despite the usual poor results turned in by Motorola, which they just bought. They were rewarded by a big jump in their stock price on a day when the market as a whole dropped big time.
Investors evidently liked what they saw in the second-quarter numbers. Google shares gained $15.94, or 2.7 percent, to $609 in Thursday's extended trading.
Motorola suffered an operating loss of $233 million on revenue of $1.25 billion during the final 39 days of the second quarter that Google owned the company.
As a whole, Google earned $2.8 billion, or $8.42 per share, during the three months ending in June. That compared with net income of $2.5 billion, or $7.68 per share, last year. The earnings would have been $10.12 per share, if not for Google's accounting costs for employee stock compensation and the Motorola deal.
Revenue climbed 35 percent from last year to $12.2 billion. If not for Motorola, revenue would have increased 21 percent. That would have been Google's slowest rate of revenue growth since the fourth quarter of 2009, when the company was just starting to recover from the Great Recession.