Dollar's plunge helped Google trick Wall Street
Google's first-quarter revenues beat Wall Street analysts' expectations by $101 million — $3.7 billion to their average forecast of $3.59 billion. The stock is up nearly 20 percent today as a result. But that only happened with the help of a sinking dollar, Bloomberg reports. During yesterday's conference call, Google said its revenues would have been $202 million lower if foreign currency rates hadn't risen so sharply against the dollar during the first quarter. Google's actual share of foreign search queries only increased from 62 percent in December to 63 percent in February. "I don't think that kind of foreign currency benefit was expected,'' one fund manager told Bloomberg. Remind us, why do we have stock analysts to begin with? (Photo by klynslis)