Google’s new chief financial officer on Thursday promised to bring greater discipline to the company’s cost controls, as well as to its ballooning capital spending on its most ambitious “moonshot” projects.
The comments came as shares in the internet search company jumped almost 12 per cent in after-market trading, adding more than $40bn to its market value, after it topped most analysts’ earnings forecasts and met expectations for net revenues in its latest quarter.
Financial analysts have looked to Ruth Porat, a former Morgan Stanley CFO, for a more Wall Street-friendly approach from Google, which pledged at its IPO more than a decade ago that it would keep its sights firmly set on the long term rather than on quarterly earnings.
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