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Good News Expected from Google's Earnings

It's all eyes on Google today, as Yahoo, eBay and Time Warner's AOL division all reported solid fourth-quarter earnings. Wall Street is expecting another stellar quarter from the NASDAQ's Internet darling, though the Web giant will be presenting its results in front of already high expectations.

Google continues to be measured by a different yardstick than its online brethren. However, Credit Suisse Internet analyst Heath Terry points out the search leader currently trades at a lower multiple (28 times 2008 earnings) than Yahoo and eBay, both of which turned in a tepid 2006. Terry told CNBC this morning that Google's stock, at $494, still has another $100 in it.

We shall see. Because Google doesn't issue forward projections, it can be a difficult stock for analysts to predict. Even so, the Web giant continued to gain market share in search over the last three months, avoiding the "apocalyptic predictions that it had bought a hornet's nest of lawsuits" in acquiring YouTube. Additionally, Google ramped up its mobile offerings in the last quarter while breathing life into payment service Google Checkout through its sign-up promotion.

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