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June 28, 2017

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Google profit up as chief business officer steps out

SAN FRANCISCO--Google reported Thursday that its quarterly profit rose with a jump in revenue and released word that its chief business officer was leaving the company.

High-profile executive Nikesh Aurora took a moment on the earnings call to thank Google for a "phenomenal" 10 years and said he looked forward to "cheering them on from the sideline."

Arora will be replaced in the interim by Omid Kordestani, a business founder who led Google's sales teams.

Google chief financial officer Patrick Pichette steered talk on the call away from Aurora's career move to a job at Japan's SoftBank, saying he wanted to keep focused on freshly released quarterly earnings figures.

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The California-based Internet titan said its profit jumped during the three months ending June 30, rising 6 percent from a year ago to US$3.42 billion.

Revenue was up 22 percent year on year, at US$16 billion.

"We are moving forward with great product momentum and are excited to continue providing amazing user experiences, with a view to the long term," Pichette said.

Google shares rose about a percent to US$579 in after-market trading that followed release of the earnings figures.

Google said a key factor in revenue was the jump in "paid clicks," for ads related to searches on Google and its partner sites.

Total paid clicks were up 25 percent from a year ago and 2 percent from the past quarter, while the average cost per click was down 6 percent from a year earlier.

Google is the leader in digital advertising with a 31.9-percent share of the global market in 2013, according to the research firm eMarketer. The closest rival was Facebook with 5.8 percent.

According to eMarketer, Google has more than 50 percent of the worldwide mobile ad market.

Google's profit per share was US$6.08, about 16 cents below analyst forecasts but revenues were better than the average estimate of US$15.6 billion.

"It was yet another okay quarter for Google," said Gartner analyst Brian Blau, expressing optimism about the company's long-term prospects.

"I am encouraged by Google's approach to engineering, and how they enable products by building cool tech. They try to keep their users happy."

The global popularity of mobile devices powered by Google-back Android software put the company's money-making services in the hands of growing ranks of users.

Meanwhile, a boom in wearable computers such as smartwatches and Internet-liked eyewear promises to benefit Google over the long haul, the analyst said.

Self-driving Cars

While Google makes most of its money from digital advertising, it has been moving into new areas such as home automation, self-driving cars and wearable technology like Google Glass.

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