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Photo: PA
Profits
Google still in profit, but disappointing investors
Company still in the green, but shares take a hit.
GOOGLE’S PROFITS for the second quarter were less than expected, although the internet giant continued to grow its earnings, Reuters reports. This is the first time in two years that the company has missed Wall Street’s profit estimates.
Google generated a handsome $6.82 billion for the three-month period ending on 30 June. A 24% increase in costs ate into that revenue, but the company says it will continue to invest in research and development. Google told BusinessInsider that it was “very pleased” with its results for the quarter.
An additional 1,200 employers hired in this period will take a toll on profits in the next quarter. Shares in the company dropped nearly 4% due to investors’s concerns over Google’s rising costs.
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