Google profits leap 32 per cent
14th Oct 2010 | 21:33
Q3 earnings of $2.2 billion surpasses Wall Street expectations
Google has today announced huge third quarter profits of $2.2 billion (£1.37bn), a 32 per cent jump on the same period in 2009.
The search giant brought in a whopping $7.63bn in sales during the period which, after costs, amounts to net earnings of £6.72 per share.
The results were announced during a Q3 results call, which surpassed the lofty forecasts from Wall Street and sent the share price up by 9 per cent by the end of trading in New York on Thursday.
Schmidt: "Excellent quarter"
Google says a 3 per cent increase on what it charged Google Ads partners on top of a rise in the amount of clicks on those ads were responsible for the year-on-year leap.
"Google had an excellent quarter," read a statement by CEO Eric Schmidt. "Our core business grew very well, and our newer businesses - particularly display and mobile - continued to show significant momentum."
Continued growth in Google's Android mobile operating system, likely to boast 17.7 per cent of the market by the end of 2010 is likely to see the company's coffers swell further in the next few months.
The company also revealed that it had increased its workforce by more than 1,500 during the period.