Google suprised the market with better than expected quarterly results despite worries that it was being hit by economic weakness after comScore data showed it having trouble converting Web search into ad viewer. Google CEO Eric Schmidt even went as far as to say the company would still perform well for the whole year ”regardless of the business environment.” For investors, the results wiped away fears that Google was just as vulnerable as any company to recession fears and, as of this morning, company shares were up more than $80.
Some analysts noted that Google growth slowed from the previous quarter and that the good results did not completely eliminate concerns about its prospects (New York Times) . While Lehman and Merrill Lynch rushed to see who could raise their price targets for Google higher, shares of comScore quietly fell 8 percent.
Schmidt gave less satisfaction in his comments on the company’s dealings with arch-rival Yahoo, but his tone was sweet: “It’s nice working with Yahoo and we like them very much.”
Keep an eye on:
- Sam Zell eyes Chicago Cubs sale, undecided on Newsday fate (Reuters)
- CW to pull free Internet streams for new “Gossip Girl” episodes, says watch it on televsion (LA Times)
- Viewers are not rushing back to their favorite TV Programs (Advertising Age)
- Sony-BMG Reshuffles, gives legend Clive Davis a new title — and may be showing him the door. (Silicon Alley Insider)