Technology exchange traded funds (ETFs) might get a boost from the third-quarter earnings reports of the world’s most popular search engine.
Profits for Google (GOOG) exceeded analysts’ estimates, because even as the economy slows, customers are still buying web ads, reports Crayton Harrison and Lauren Berry for Bloomberg.
Third quarter net income for Google rose 26% from a year earlier. Leaving out costs such as stock-based compensation, profit was $4.92 a share, beating the $4.75 average estimate of analysts in a Bloomberg survey.
Scott Reeves for Miyanville reports that this rise can be due to the increasing shift in advertising on the Internet, rather than on television and print.
We’re on the brink of a big economic downturn, and Google seems to be readying itself for a new climate by turning on any source of ad revenue it possible can, reports Erick Schonfeld for the Washington Post. It’s offering AdSense in Flash games, AdSense links at the bottom of maps and “click to buy” buttons on YouTube videos.
First Trust Dow Jones Internet Index (FDN) holds 9% of Google and is down 40.5% year-to-date.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.