Oh I am so glad to talk about something other than Europe for the first time in a few months. Google (GOOG) is the first interesting company to report and had pulled an Apple with an under promise and over deliver, beating estimates by almost a dollar. The stock is up about 8-9% in early action. Full report here.

Google net revenue jumped $7.51 billion, compared with estimates of $7.31 billion. (this is "net" of acquisition costs) Traffic acquisition costs were $2.21 billion. Google's tax rate a paltry 19% - must be nice. Double Irish and Dutch Sandwich is working out well (55% of revenue is now overseas, and it won't be repatriated anytime soon). (see related Blopmberg story)

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Technically the stock had just eeked over the 200 day moving average the past few days...

By Trader Mark

http://www.fundmymutualfund.com

Mark is a self taught private investor who operates the website Fund My Mutual Fund (http://www.fundmymutualfund.com); a daily mix of market, economic, and stock specific commentary.

See our story as told in Barron's Magazine [A New Kind of Fund Manager] (July 28, 2008)

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