In a note released Tuesday Morgan Stanley provided the following data/estimates for Google GOOG.
Market News and Data brought to you by Benzinga APIs- Consensus 1Q 2014 net revenue / EBITDA: +22 percent (ex-Motorola) Y/Y and 21 percent Y/Y
- Morgan Stanley 1Q 2014 net revenue / EBITDA: $12.5b / $6.2b on growth of 26 percent (ex-Motorola, Currency loaded) / 21 percent Y/Y. (Morgan Stanley models Motorola as discontinued operations.)
- U.S. search spending grew 16 percent Y/Y on average
- Research indicates world wide search spending growth in the mid-20s
- 1Q impression growth modeled at +30 percent Y/Y
- Estimated 9 percent decline in 1Q CPC
- 2014 estimated EPS $27.27 / net revenue $53,623 mm
- 2015 estimated EPS $33.65 / net revenue $62,628 mm
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