Friday, October 15, 2010

Google shares rise sharply on higher profits; Gannett shares despite higher profits, but lower print revenue

Old media can't catch a break: shares of Gannett fell more than 8 percent this morning despite an earnings report that showed that the company's profits grew 32 percent. But strong broadcast and digital revenues did not hide the fact that print revenue continues to decline.

On the other hand, Google shares were rising dramatically today after the company reported strong earnings. The company also reported that mobile revenue will exceed $1 billion on an annual basis.

“We saw strength in every major product area,” Google Chief Financial Officer Patrick Pichette said in the earnings conference call.