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Google Cranks Up 3Q Earnings 96%
The monster of Mountain View known as Google released their third quarter earnings on Thursday and, as consistent with the industry, reported record revenues. This time they hit $1.578 billion, a notch above Yahoo's reports for the same quarter. This number is up 96% from a year ago and 14% from last quarter.
 | | The monster of Mountain View known as Google... |  |
Editor's Note The search engine industry is booming and its all online advertising. This week, search engines are turning out their third quarter results. Give us your take on WebProWorld.
Google's earnings per share hit $1.32 on 290 million shares outstanding over the $1.19 from the second quarter on 287 million shares. This means a net income climb to $381.2 million over the $52 million last year. Traffic acquisition costs were $530 million.
"Although this is typically a slower season for Internet properties, we had another exceptional quarter," said Eric Schmidt, Google chief executive officer. "Our focus on end users and on quality of information and advertising worldwide continues to work extremely well. We are very pleased with how well this is working at scale."
Google's stock was down slightly at $303,20, down 1.78% after hitting the high for today of $311.13. All of this follows the recent stock offering of Google plunking over 14 million share of stock and then aggressively pursuing its business ventures.
Yesterday, Yahoo offered a great stock report as well and while Google's earnings were higher, it does show that advertising dollars are alive and well and shows no signs of slowing down.
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About the Author:
John Stith is a staff writer for WebProNews covering technology and business.
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