Major Tech Earnings: Google Inc & Advanced Micro Devices (GOOG, AMD)

Late Thursday, two tech bellwether reported earnings with Google Inc (NASDAQ:GOOG) posted higher than estimated quarterly earnings, while Advanced Micro Devices, Inc. (NYSE:AMD) failed to meet analysts’ estimates.

Google Inc (NASDAQ:GOOG) stock gained 2.72% to $609.20 in the after hour trading after the company’s second-quarter profit jumped 11%, owing to increased interest in the advertising placed on its Internet search engine, even as the prices paid by advertisers continued to drop.

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The company posted second quarter net income of $2.79 billion, or $8.42 per share, as compared to net income of $2.51 billion, or $7.68 per share, for the same period last year. Earnings on an adjusted basis came in at $3.35 billion, or $10.12 per share, for the recent period.  Net revenue, excluding the contribution of Motorola Mobility, was $8.36 billion. Analysts were expecting earnings of $10.04 per share on core revenue of $8.41 billion.

The newly acquired Motorola Mobility unit had total revenue of $1.25 billion for the second quarter, with mobile device revenue of $843 million. The Motorola wireless device business generated an operating loss of $192 million for the second quarter.

Advanced Micro Devices, Inc. (NYSE:AMD) shares fell 3.29% to $4.70 in the after hour trading after the company missed analysts estimates and forecasted a dreary third-quarter outlook.  The company’s second-quarter profit declined as revenues and margins dropped reflecting weak demand for PCs and notebooks in China and Europe.

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The company reported second-quarter profit of $37 million, or $0.05 a share, as against $61 million, or $0.08 a share, in the year-ago period. Excluding one-time items, the company would have reported earnings of $0.06 a share. Revenue declined to $1.41 billion from $1.57 billion in the same quarter last year. Analysts had expected the company to report earnings of $0.07 a share on revenue of $1.41 billion.

Looking forward, the company expects third quarter of 2012 revenue to decrease 1%, plus or minus 3% sequentially.  Analysts estimate third-quarter earnings of $0.12 a share on revenue of $1.51 billion. For the year, they expect earnings of $0.48 a share on revenue of $6.1 billion.