谷歌将向整体经济发出积极信号
Investors are likely to find even more signs that the worst of the recession has passed when Google reports its third-quarter results Thursday.
当谷歌(Google)周四公布第三季度业绩时，投资者可能会发现经济衰退最严重时期已经过去的更多迹象。
The Web-search company is forecast to post year-over-year revenue growth of 4.7%, excluding revenue paid to partners, for a total of $4.23 billion for the quarter, according to analysts surveyed by Thomson Reuters. That is up from 3% year-over-year revenue growth in the second quarter and up 3.9% sequentially.
汤森路透(Thomson Reuters)调查的分析师预测，不包括支付给合作伙伴的收入，这家网络搜索公司第三季度收入有望比去年同期增长4.7%，达到42.3亿美元。这高于第二季度比上年同期增长3%和比上季度增长3.9%的增幅。
Such single-digit increases may seem anticlimactic for a company that has notched double-digit growth for years. But Google's growth has slowed over time and even single-digit rises are enough to excite investors, who on Wednesday drove the stock to $535.32, its highest closing price since July 2008.
这种个位数的增幅对于多年来一直保持两位数增长速度的公司来说可能反差过大。但谷歌的增长已经随着时间的推移而放缓，甚至是个位数的增幅也足以激发投资者在周三将其股价推高到了535.32美元，为2008年7月以来的最高收盘价。
Google also hasn't been shy about projecting a recovery. Chief Executive Eric Schmidt last week ratcheted up expectations when he told reporters, 'The worst is behind us. . . . We're seeing aspects of recovery, not just in the U.S. but also in Europe.'
谷歌也大胆预计将会迎来复苏。首席执行长施密特(Eric Schmidt)上周上调了预期，他对记者说，最坏的时期已经过去……我们看到，不仅在美国，而且欧洲也出现了复苏的迹象。
Good results will be a positive sign not just for the Internet sector, but the overall economy. Google's business is global and closely tied to consumer spending. Unlike Internet rivals Yahoo and Time Warner's AOL, the vast majority of Google's revenue comes from search ads, which are heavily used by e-commerce companies. More revenue for Google generally means consumers are clicking on more ads, a sign they are interested in buying more products. Google's bottom line will also be scrutinized. For several quarters, the company has reined in costs, slowed hiring and slashed perks. Now shareholders want to see that pay off in expanding profit margins before the company ramps up hiring and spending again, as it has indicated it is poised to do.
良好的业绩不仅对互联网行业，而且对整个经济而言都是一个积极的信号。谷歌的业务遍布全球，与消费支出密切相关。与雅虎(Yahoo)和时代华纳(Time Warner)旗下的美国在线(AOL)等互联网竞争对手不同，谷歌的绝大部分收入都来自电子商务公司大量使用的搜索广告。谷歌收入的增加通常意味着消费者点击了更多的广告，表明他们有意购买更多的产品。谷歌的利润也将备受关注。几个季度以来，谷歌一直在控制成本，减缓招聘和削减津贴。现在，股东希望看到在公司再度扩大招聘和开支前能够在利润率上获得回报，此前谷歌曾表示准备这样做。
Analysts are expecting Google's net income per share, excluding special items, to increase 9.8% to $5.40 in the third quarter, up from $4.92 a year ago.
分析师预计，不包括特殊项目，谷歌的每股净收益将增长9.8%，从上年同期的4.92美元增加到5.40美元。
'If management comments indicate that we may not see margin expansion, that could be cause for concern for investors,' says William Morrison, a partner with investment bank and research firm Think Equity Partners, who has a 'buy' on Google.
投资银行及研究公司Think Equity Partners的合伙人莫里森(William Morrison)说，如果管理层的讲话表明，利润率可能不会增长，这或许会令投资者感到担忧。他对谷歌的评级为买进。
In other words, shareholders are waiting to see how long the discipline lasts.
换言之，股东都在观望这种自律会持续多久。
