It's that time of the year when big companies are releasing their earnings reports for the previous quarter. Yesterday, we learned about Qualcomm's positive numbers for the first quarter of its 2015 fiscal year. And a few hours ago, it was Google's turn to make an earnings call and show off how the search giant is doing the past quarter. Chief Financial Officer Patrick Pichette shared the highs and lows and noted that Google didn't hit the goals because of the low Nexus 6 supply and the exchange rate between international consumers and the United States.
Google's Pichette said that the company faced a number of challenges the past three months. The US dollars have strengthened but this resulted to a "gross negative currency impact of $616 million dollars" during the last quarter. However, impact was lessened to net revenue of $468 million only because of a hedging program effort.
The CFO also shared that Play growth wasn't as impressive in Japan and that the absence and delay of Nexus 6 became a problem. The latest Nexus was well-received but there was not enough supply to meet the high demand. Phone is always out of stock. (We're just not sure if Motorola isn't making enough units or if there are too many orders.)
Google was humble enough to admit mistakes. It's reseting its strategy when it comes to Google Glass--now under a new management. The Glass is a very promising project but Google wasn't able to hit goals yet so the era of the current version and the Google Glass Explorer program will be discontinued. The project isn't totally scrapped but Google could just be working on something new.