Google has today released their financial results for the 2nd quarter of 2014. The results are pretty good for the company, with expectations above that of analysts on Wall Street, a positive for share-holders and executives alike. With the sale of Motorola still not complete, there are still results from the company included in this report and as with previous results – they’re losses.
Patrick Pichette, CFO of Google said
- $15.96 billion consolidated revenue for Q2, up 22% on Q2 2013.
- $3.42 billion net income, up from 3.23 billion on Q2 2013.
- $61.20 billion cash on hand as of As of June 30, 2014, up from $58.72 billion reported last quarter.
- 52,069 full-time employees (48,584 in Google and 3,485 in Motorola Mobile).
- Motorola Mobile had an operating loss in Q1 2014 of $68 million.
The losses incurred by Motorola are actually shrinking quite rapidly, possibly thanks to some great uptake in handsets such as the Moto G and Moto E in new markets such as India.
There are some staff changes at Google which were announced. Chief Business Officer, Nikesh Arora will be leaving Google to join SoftBank as Vice Chairman as well as CEO of SoftBank Internet and Media. Omid Kordestani will be taking Arora’s place ‘for now’. The other announcement was actually made a few days ago, that former Ford CEO, Alan Mulally will join Google’s board of directors, where he will serve on Google’s Audit Committee.
The results for Google’s Q2 earnings showed promise on the share market with their shares gaining 0.99% in after-hours trade to reach $579.405.67.
You can watch the Google Earnings Call via the YouTube video :