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The Google (NASDAQ:GOOG) results are out, and it's not nearly as bad as people expected. Matter of fact, it's damn good: Revenues of $5.19 billion; earnings of $1.55 billion. Here is the release.

Stock is up 11% afterhours. .

Here is how Google came in versus one cheat sheet (Mahaney's at Citi) floating around out there:

  • Net revenues -- Forecast $3.54b / Actual: $4.0b
  • Earnings -- Forecast: $1.76b / Actual $1.83b
  • EPS: -- Forecast: $4.50 / Actual: $4.84

It's an across-the-board beat. Paid clicks were up 20% versus the 16% numbers (and lower) being carried on the street.

This is pain for the bears -- including my friend Henry at Silicon Alley Insider. To be fair to Henry, he points to the capital expenditures of $842 million in the quarter. What. in. the. world. are. these. GOOG. guys. building?

For you conspiracy theorists -- Google's building a moon base! Google's building a moon base! -- here is the last five quarters of Google's re-spiraling CapEx:


Source: Google Earnings Look Damn Good (Update)