Axiom: Google Quarter Boosted By TrueView Paid Clicks

In a report published Friday, Axiom analysts maintained their Hold rating on

. The price target was raised from $608 to $615, based on an increase in the estimates for the company. Google reported its revenues and EPS below the estimates, although paid click growth was positive across several businesses. The company reported net revenue for 1Q15 at $13.913, which was lower than estimated, due to the decline in reported revenues for the Networks, Websites and Licensing & Other segments. This decline was partly due to FX headwinds, according to Axiom. However, the adjusted EBITDA was in line with the estimates due to improved cost control. "The highlight was the paid clicks growth on core Websites of 25%, matching the growth rate in 4Q, and at first glance appeared to refute cautious checks throughout the quarter," the analysts said. The company has revealed that paid clicks growth for websites benefited from the YouTube TrueView ads. Although paid clicks growth for the core websites search segment declined during the quarter, it was still positive. "While search spend on Google is paramount, we believe that search clicks do provide signals of the health of the platform. Nonetheless, the quarter was OK and the expense control could signal a new level of discipline at Google," the analysts added.