Word: quarterly
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When Google (GOOG) reported earnings, earnings which were extraordinary during a poor economic period, for the first quarter, the company's chatty CEO Eric Schmidt said "Google had a good quarter given the depth of the recession - while revenues were down quarter over quarter, they grew 6% year over year thanks to continued strong query growth. These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online." What he did not bother to mention is that no business model is any good at all without customers. Google...
Google reported revenues of $5.51 billion for the quarter ending March 31, 2009, an increase of 6% compared to the first quarter of 2008. It is important to remember that the economy was considered to be in reasonable shape a year ago so Google's results in the period were based on a relatively robust business environment. Even with a collapse in the overall economy Google's results barely changed. The DJIA was 60% higher than it is now. Google's share price was only 15% higher. The market's perception of Google's prospects has changed very little...
Citigroup chief financial officer Ned Kelly was trying to explain an aspect of the bank's better-than-expected first-quarter results on Friday morning when star analyst Meredith Whitney interrupted him. "Could you dumb that down for me?" she asked...
...question of the week. Just a few months after the near meltdown of the financial system, Citi, JPMorgan Chase and Goldman Sachs all reported billion-dollar-plus profits for the quarter ending March 31. Wells Fargo, which won't be releasing its earnings numbers until next week, preannounced on April 9 that it made about $3 billion - a record for the firm. (See pictures of the dangers of printing money...
...earnings were boosted by a $2.5 billion derivatives valuation adjustment "mainly due to the widening of Citi's CDS spreads." In somewhat dumbed-down but still utterly flummoxing language: credit-default swap (CDS) spreads represent the cost of insuring against Citi's default. That cost went up in the quarter as investors fretted about Citi's solvency, so Citi was able to book $2.5 billion in gains. Got that? Without that boost, Citi's $1.6 billion in quarterly profit would have been more than wiped out. As it was, holders of Citi's common stock still had to take...