Google Q3 earnings beat estimates

Google has released its financial results for the third quarter of 2013 reporting a revenue of $14.9 billion. This marks a 12% year-over-year growth compared to last year's Q3 performance.

Motorola Mobility, which Google bought in 2011, marks a decline in revenue compared to the same period last year. In Q3 2012, the phonemaker made $1.78 billion in sale, while in Q3 2013 revenue is just $1.18 billion. It seems the launch of the Moto X hasn't been as successful as the company has hoped for. The company also reports a loss of $248 million

Consolidated operating income was $3.44 billion or 23% of revenues. This is compares favorably to the company's operating income of 2.74 billion from last year. Earnings Per Share are also up from Q3 2012's $6.53 to this year's $8.75.

In the earnings call Google CEO Larry Page expressed his delight with the Chromecast streaming dongle, which the company released in the summer. He also mentioned the fast-growing multi-screen market and pointed at wearables like the Google Glass and smartwatches.

Page also mentioned that he'll take a break from the company's earning calls in order to focus on the company's business.

As a result of the positive financial report which beat the Wall Street targets, the company's stock has soared 10% in pre-market trading, reaching nearly $980 per share.

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