Google versus the Cheat Sheet

Here is how Google came in versus one cheat sheet (Mahaney’s at Citi) floating around out there:

  • Net revenues — Forecast $3.54b / Actual: $4.0b
  • Earnings — Forecast: $1.76b / Actual $1.83b
  • EPS: — Forecast: $4.50 / Actual: $4.84

It’s an across-the-board beat. Paid clicks were up 20% versus the 16% numbers (and lower) being carried on the street.

This is pain for the bears — including my friend Henry at SAI. To be fair to Henry, he points to the capital expenditures of $842-million in the quarter. What. in. the. world. are. these. GOOG. guys. building?