More re GOOG

CNET reports, citing sources, that Google is expected to unveil a search engine for Web-only video this summer that will let people preview media clips from its Web site. Google's planned service will let visitors find free short-form videos such as the popular 'Star Wars' video spoofs. The engine will complement the search giant's existing experimental site that lets people search the closed-caption text of television shows from PBS and CNN, among others, and preview accompanying still images. The new capabilities will let people watch roughly 10 seconds of Web video clips for free before shuttling visitors to the video's host site.

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.