More re GOOG
Susquehanna notes that, in the near-term, they are somewhat more cautious in their outlook due to greater seasonality overseas than expected. This should mean Google's revenue is in-line with revised estimates when it reports July 21, rather than producing the significant upside seen last quarter. Firm cuts their net rev est for Q2 to $832 mln from $856 mln, essentially in line with the consensus average but below the high-end of expectations near $855 mln-$865 mln. Firm trims their pro forma EPS est to $1.29 (ex stock compensation) from $1.31, as they believe hiring may once again be below expectations, allowing Google to deliver EBITDA margins of 69%, in line with Q1 results.