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Technology Stocks : Google - No Soapbox

GOOG 165.20

+0.1%

2:12 PM EDT

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To: Gabriel008 who wrote (24)	4/12/2006 10:06:29 AM
From: Gabriel008	of 25

JMP Securities is expecting Google to generate 13% sequential growth in net revenue and 58% year over year for FY06, down from their prior forecasts of 19% sequential growth for the quarter and 69% for the full year. Their reduced top-line outlook is the result of lower-than-expected growth in search queries and monetization on Google proprietary sites and the Google Network. They are also lowering their operating margin forecast by another 100 basis points as they expect the co to add more employees this year than they had been anticipating. Firm also lowers their rev and EPS ests, saying their new Q1 and FY06 net revenue and EBITDA estimates are now generally in line with consensus. I wonder if they are basing this analysis on Comscore data or the growth projection from the March 1 analyst conference. If the former then it ties in with Piper Jaffray's report of 12% quarterly growth. If the latter the 58% is a rip off from the conference notes & the 13% growth is strictly BS. Either way both firms expect GOOG to come close to consensus estimates of $1.99. This 12%-13% sequential revenue growth means that YHOO should report roughly 3% revenue growth.

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