谷歌：第二季度股票下跌12%

作者Nik Cubrilovic   2008.7.17

今日谷歌发布了其第二季度的结果，每股收益增长比分析师预期下降了12%。季度净收入从9.25亿美元上升至12.5亿美元。公司报告说，每股收益4.63美元，比华尔街分析师预计的平均4.72美元要轻微下滑。

今日的下跌表明，经济下滑已经影响到了谷歌，这是其从2004年以来股票价格的最大单日跌幅。上个季度美国经济仅增长1%，比上一年的3.4%降低。今年广告市场预期增长2%----谷歌与雅虎共同占有搜索市场业务的95%，所以影响将波及到整个网络业界。谷歌主要依靠搜索广告业务盈利，除此以外没有其他主要收入支柱，所以即使广告市场的轻微变动也可能使其大受影响。

好消息是， Google的网页搜索和消费仍然在萎缩的广告市场中占据了较高比例。坏消息是，网络开支和整体的广告支出增长率并未达到谷歌的预期。公司也尚未从它的应用套件得到真正的收入，而其正打算与微软及其利润丰厚的Office产品套件直接竞争。虽然Google赢得了大量的电子邮件合作商的合同，它与更大规模的办公室和企业市场相比，仍然只是微乎其微。

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原文如下

Google Announces Q2 Results: Stock Plummets 12%

Nik Cubrilovic | July 17, 2008 at 1:53 PM

Google announced their Q2 results today after the market had closed. Shares are down by as much as 12% as earnings growth reported was below analysts expectations. Net income for the quarter was $1.25B, up from $925M. The company reported a profit of per share, which was slightly below the  average expectation from Wall Street analysts.

Todays fall is an indication that the economic slowdown is affecting Google, which has experienced its largest one-day fall in stock price since it went public in 2004. The US economy grew only 1% in the last quarter, down from 3.4% from a year ago. The ad market is expected to only grow at a rate of 2% this year - and with Google and Yahoo together making up 95% of the search market, the impact is expected to be felt throughout the web sector. Google has a high reliance on their search advertising revenues, with no other formidabble revenue streams. For that reason the company, and its growth expectations, are heavily affected by the slightest changes in the vulnerable advertising market.

The good news for Google is that web and search spending continue to take up a higher proportion of a shrinking ad market. The bad news is that the growth rate of web spending as overall ad spending is not adequate to make up for the high expectations set on Google. The company is also yet to realize real revenues from its application suite, which is where it has set out to compete directly with Microsoft and their profitable Office suite of products. While Google has won large contracts for email hosting, it is still just a drop in the ocean compared to the larger office and enterprise markets.