Earnings: Google’s UK Drawings Return To Growth In Q3
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Google’s income drawn from Britain jumped back up seven percent to $765 million between July and September (Q3), at least on a dollar basis.
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There’s still no great barometer of Google’s UK ad sales here - it doesn’t report UK sales in British pounds. And a foreign exchange risk management scheme bettered Google’s revenue by $39 million.
At constant currency rates, Google (NSDQ: GOOG) revenues would have been $166 million lower. But this does mean a return to growth from the UK after last quarter’s fall.
CFO Patrick Pichette, in the earnings call, said: “In general, the UK continues to perform pretty well in the grand scheme of things. Given the tough economic environment that (they) have seen in the last little while, you would have thought there would have been a major pullback, but search continues to be the key vertical there.”
Pichette said “there are signs of increasing consumer confidence,” with travel advertising faring well.
The share of its total sales drawn from the UK fell slightly from to 13 percent, from 14 percent in the previous three months. And non-US revenue held steady at 53 percent of the overall, or $3.14 billion.
Overall, Google’s net revenue increased 8.4 percent to $4.38 billion during the quarter.
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