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GOOG Preview: Still Gaining Market Share

By Bob Faulkner

 About this article:
 Google is slated to report its first-quarter 2009 results after the close tomorrow with a conference call scheduled at 4:30 p.m. EDT. Current consensus estimates are for net revenue (after traffic acquisition costs, or TAC) to be $4.08 billion (up 10% year over year but down 3% quarter over quarter) with pro forma EPS of $4.93. In the prior quarter, gross revenue was $5.70 billion (up 18% year over year and 3% quarter over quarter) with net revenue (excluding TAC) at $4.12 billion. TAC continues to decline as a percentage of the total and was 26% in the fourth quarter vs. 29.8% a year ago. GAAP EPS were $1.21, with pro forma EPS of $5.10. The pro forma gross margin was 61.8%, up 230 basis points from last year and up 80 basis points sequentially. The pro forma operating margin was 37.6%, up 270 basis points...

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