Despite Disappointing Earnings, Larry Page Is “Delighted” And “Excited”By: Chris Crum - October 18, 2012
Google had a rather interesting day for an earnings release. The report was released prematurely, before it had been finalized, and revealed that Google had missed Wall Street estimates. Then, just before the conference call was held to discuss the earnings, YouTube, where it would be broadcast briefly experienced an outage, though they managed to get it back up just before the call.
“I’m sorry for the scramble earlier today,” CEO Larry Page said, opening up his statements. He alluded to the fact that Google’s printers sent the release early, as a previous statement from Google had indicated.
The early release of the report did not include Page’s statement about the earnings, which was much more upbeat than media reports about it (not to mention the stock performance – shares quickly dropped by 9%).
“We had a strong quarter,” Page’s statement said. “Revenue was up 45 percent year-on-year, and, at just fourteen years old, we cleared our first $14 billion revenue quarte. I am also really excited about the progress we’re making creating a beautifully simple, intuitive Google experience across all devices.”
“I’m really happy with our business…Not bad for a teenager,” Page added on the earnings call.
He spoke of the “abundance” of opportunities Google has, particularly with regards to mobile and the multi-screen experience.
“Most of us carry at least one device all the time every day…many of us feel naked without our smartphone,” he said, adding that mobile search queries and mobile commerce are growing dramatically across the world.
Page emphasized the need for Google to simplify the Google experience, and noted that the company sunset another 19 products last month, and 60 over the past year. Google, he says, is putting a “ton of energy” into making sure the remaining products work well together.
Page said it’s “more important than ever that we converge our services,” again, referring to the significance of users and the multi-screen experience.
“Screen independence is at the core of our strategy,” he said.
Though with a still somewhat hoarse voice, Page expressed his excitement about Google’s progress with products like Google Now and the Knowledge Graph (which was on display today thanks to a Herman Melville/Moby-Dick Google Doodle).
“Every day I wake up, and I’m delighted that our opportunties keep growing,” said Page. “It’s a truly exciting time to be at Google.”
Investors aren’t quite as excited, though Google shares are back up slightly in after hours trading.