Google released its second quarter earnings report this afternoon, and the search giant met and beat most analysts' written estimates. Its bottom line in terms of profit looked especially good.

The consensus was that Google would post $4.05 billion in net revenue. It managed $4.07 billion, instead. Then the company established a more impressive contrast when it came to earnings per share - $5.35 versus $5.05 - although Henry Blodget wrote, "the EPS upside appears to have come from a lower-than-expected tax rate."

As for net profit, Google leapt from $1.25 billion for the second quarter of last year to $1.48 billion, a jump of 18.4 percent. That doesn't look to be a result of being tentative, as the official report announced, "We expect to continue to make significant capital expenditures."

Eric Schmidt also stated, "Google had a very good quarter, especially given the continued macro-economic downturn. While most of the world's largest economies shrank, Google's year-over-year revenues were up 3%. These results highlight the enduring strength of our business model and our responsible efforts to manage expenses in a way that puts us in a good position for the economic upturn, when it occurs."

Still, Google's down by 2.62 percent in after-hours trading. It may be that some people are doing a little profit-taking, or there could be another problem plaguing the company. Dan Frommer wrote, "CNBC mistakenly reported Google's net sales as $3.07 billion before correcting themselves a moment later."

One last thing worth noting: as of June 30th, Google employed 378 fewer full-time employees than it did on March 31st, so some significant cutting has taken place.


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