Despite the fact that Google’s first-quarter revenues were slightly better than what Wall Street was expecting, the cocaine nose-jobs upon whom the consumer culture depends were miffed that the outfit has not made enough earnings per share.
Analysts were expecting about 25 percent year-over-year revenue growth for Google. This would have meant it earned about $6.32 billion. However when Google ultimately reported revenues of $6.54 billion no one was cheering.
Chief Financial Officer Patrick Pichette said in an investor release that Google had a great quarter with 27 percent year-over-year revenue growth.
“Not good enough,” said Wall Street. “We think that shareholders should be earning $8.10 and you will be giving them $8.08.”
Pichette pointed out that shareholders would have made that, and more if it did not have to pay cash to partner companies.
In a conference call Pichette insisted that the future was bright for the search engine outfit. He said that Google’s product innovation had been nothing short of extraordinary.
He added that 2011 will be the biggest hiring year in the company’s history, and that the company went from 24,400 full-time employees as of December 31, 2010 to 26,316 at the end of March.
Google has $36.7 billion in cash and cash equivalents.
But Wall Street feels that rather than investing in future products and strategies, it is better to hand over larger sums to investors.
There is no pleasing some people.