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January 30, 2008

Google: Thoughts on Earnings, and Q4 Cheat Sheet

Search and ad kingpin Google reports Q4 results tomorrow, and it will be a lightning rod. While most people are expect a solid quarter, there is a chance of a hiccup given reported weakness in U.S. search inventory toward the end of December. Similarly, most agencies are reporting slackening demand in the period, with marginally less growth than they expected.

On the other hand, the search-related end of the online ad market, as currently constituted, is looking increasingly like at a winner-take-all market -- and Google looks like the company that is taking it all. It grows search share, it's piece of ad spend, and pretty much everything else at everyone else's expense every damn quarter. And, with Yahoo's results now in-hand, we know that it didn't do much to unsettle the GOOG in the quarter. Okay, it didn't do anything to unsettle Google, and it guided down, suggesting that has no near-term plans to get in Google's financial face either.

And just to keep you occupied until then, here is a Google Q4 results cheat sheet (via Citi):

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