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DUBAI (Reuters) - The Islamic State militant group released a video purporting to show the beheading of U.S. hostage Steven Sotloff, the SITE monitoring service reported on Tuesday. A masked figure in the video also issued a threat against a British hostage, a man the group named as David Haines, and warned governments to back off "this evil alliance of America against the Islamic State", the monitoring service said. (Reporting by William Maclean, Editing by Angus MacSwan)

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Google says Wall Street estimates need adjusting

An illustration picture shows a Google logo with two one Euro coins, taken in Munich January 15, 2013. REUTERS/Michael Dalder
An illustration picture shows a Google logo with two one Euro coins, taken in Munich January 15, 2013. REUTERS/Michael Dalder

By Alexei Oreskovic

SAN FRANCISCO (Reuters) - Google Inc issued a rare advisory to Wall Street on Friday that analyst estimates for its fourth quarter financial results are flawed.

The world's No.1 search engine, which reports its quarterly results on Tuesday, said most analysts have not adjusted their estimates to reflect the pending $2.35 billion sale of the Motorola Home business.

The business must be presented separately from the results of Google's continuing operations under U.S. accounting rules, Google Treasurer Brent Callinicos wrote in a post on Google's investor relations Web page on Friday.

"As of this writing, a majority of Wall Street analysts who cover Google have not reflected the Home business as discontinued operations in their estimates," Callinicos wrote.

The discrepancy means the fourth-quarter net revenue that Google reports on Tuesday could appear to be less than the $12.34 billion average that analysts polled by Thomson Reuters I/B/E/S are expecting.

Raymond James analyst Aaron Kessler says his fourth-quarter net revenue estimate includes nearly $900 million from the Motorola Home business.

"They're saying that the headline number is going to be less than what most analysts have for Q4," said Kessler.

The advisory is a rare move for Google, which does not provide financial forecasts and typically has limited interactions with analysts. The company has in the past provided accounting advisories to analysts about the Motorola Mobility business, which Google acquired for $12.5 billion in May.

Google bought Motorola Mobility primarily for its large portfolio of communications patents and its mobile phone business.

In December, Google agreed to sell the Motorola Home television set-top box business to Arris Group Inc for $2.35 billion in cash and stock.

Analysts expect Google to report adjusted earnings of $10.56 per share for the fourth quarter.

"It's a little surprising that they're doing this the Friday before the report," said Kessler. "They should have put it out a week ago if they wanted analysts to change their numbers."

(Reporting By Alexei Oreskovic. Editing by Andre Grenon)

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