“Google performed well in the fourth quarter, despite an increasingly difficult economic environment. Search query growth was strong, revenues were up in most verticals, and we successfully contained costs,” said Eric Schmidt, CEO of Google. “It's unclear how long the global downturn will last, but our focus remains on the long term, and we'll continue to invest in Google's core search and ads business as well as in strategic growth areas such as display, mobile, and enterprise.”Other highlights of the announcement include:
- Total Revenue of $5.70 billion in the fourth quarter of 2008... an 18% increase over fourth quarter 2007 revenues.
- Operating income was $1.86 billion, or 33% of revenues, in the quarter.
- Net cash provided by operating activities for the fourth quarter of 2008 totaled $2.12 billion.
Today, the stock closed at $306.50, up $3.42, for a gain of 1.13%.
Even as the world economy struggled in the latter half of 2008, Google managed to post improvements over 2007. I know of no other company that was able to manage that feat. Their productive is no longer seen as a discretionary item. They are indispensable to businesses and consumers... at least for now. And that is the secret to success in any market!
Read the Press Release from Google.
Google Inc.: GOOG (NASDAQ)
Apple improved over 2007 as well. Though they lack the ubiquity of Google, they keep delivering products that people are willing to pay a premium for.
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