Google Doubles Profits
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Google&#39;s first quarterly earnings statement since its recent IPO rewarded investors with the news that the company has doubled its profits in the past year.
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Web search leader Google Inc.  GOOG.O, in its first earnings report as a publicly held  company, on Thursday posted quarterly net income and revenue  that more than doubled on strong Web search advertising.
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Google says its ability to cash in on web adverts helped its profits triple in the last quarter of 2006.
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Google Inc. yesterday reported that profit skyrocketed more than sevenfold in the fourth quarter, a jump executives attributed to various factors, including higher prices paid for ads and a larger amount of Internet advertising from the 1,000 biggest U.S. companies.
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With its profits and stock surging, the search giant is winning over skeptics. Still, long-term growth challenges remain. With Google&#39;s shares climbing 75%, to $150 since its August initial public offering, a
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Internet search firm Google sees third quarter profits more than double on the back of strong advertising revenues.
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The search giantâs surging third quarter profits showed that it was growing at twice the speed of the online advertising market, which itself is booming.
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Google Inc.'s third-quarter profit more than doubled, reflecting a continued surge in the online advertising distributed by its Internet-leading search engine.
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GOOGLEâS already soaring stock price rocketed even higher after reporting strong growth in its first quarter as a public company, prompting sceptics to again caution against Googlemania getting out of control.
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Google Inc.'s third-quarter profit soared 46 percent to hurdle the enormous expectations that have elevated the Internet search leader's stock price by more $100 during the past month.
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Yahoo Inc. reported yesterday that its profit more than tripled in the third quarter as the Internet service recorded substantial increases in advertising and a giant gain from the sale of part of its stake in rival Google Inc.
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Shares of Google Inc. gained more  than 15 percent on Friday, to trade at more than twice the  level of its cut-price IPO, after the Web search leader  delivered strong quarterly results in its first reported  quarter as a public company.
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Web search leader Google Inc.   on Thursday posted an industry-leading 110 percent  rise in quarterly profits as the company dodged the slowing  growth trend that has hurt rivals Yahoo and eBay.
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Google Inc. said third-quarter profit and sales more than doubled as it sold more advertising and attracted more Internet surfers to its Web sites.
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(InfoWorld) - Google's revenue continued to climb in the second quarter with the company reporting revenue of $3.87 billion, up 58 percent compared to the same quarter last year. Net income for the quarter, which ended June 30, was $925 million, down just slightly from $1 billion in the first quarter. On a non-GAAP (generally accepted accounting principles) basis, net income for the quarter was $1.12 billion, compared to $1.16 billion in the first quarter. Google-owned sites generated revenue of $2.49 billion, or 64 percent of revenue for the quarter, an improvement of 74 percent over the same quarter last year. Revenue outside of the U.S. was $1.84 billion, or 48 percent of total revenue for the quarter. That's up from 42 percent in the second quarter 2006. Google was pleased with its international expansion. "We continue to make significant international investments and we're seeing the benefits of this strategy," said George Reyes, CFO, during a conference call to discuss the earnings. Europe drove international growth for the search giant, with Spain, Italy, and France leading the charge and Germany and the U.K. also serving as significant revenue drivers, he said. The company continues to hire new workers in its international sites and expand product support in international markets. Paid clicks grew by 47 percent compared to the second quarter of 2006. That includes clicks related to ads served on Google sites as well as the sites of AdSense customers. Earnings per share was a bit lower than expected by analysts. Non-GAAP earnings per share for the second quarter was $3.56, down from $3.68 in the first quarter and a few cents shy of the $3.59 expected by financial analysts polled by Thomson Financial. Google's rift with eBay Inc. during the quarter didn't have a negative affect on earnings, executives said. In June, eBay pulled all of its ads from Google's AdSense network. The auction giant later returned to AdSense but at a significantly lower level. Even though eBay has been the largest advertiser on AdSense, there was no impact on Google from the change, said Eric Schmidt, chairman and CEO of Google. "EBay is a long term partner for Google and while it's true they adjusted their mix in our ad model, they continue to be a significant advertiser," he said. "We did not see an impact on Google from the changes they talk about that they made." During the call with financial analysts, Schmidt touched on Google's interest in upcoming wireless spectrum auctions. Google wants to see consumers buy any mobile device and be able to connect to a wireless network and use the full capability of the Internet, he said. That's because he wants those users to become Google advertising customers. "There's a direct connection between the open interoperable network we're arguing for in the FCC filing and so forth and the usage of Google services," he said. Google filed a document with the Federal Communications Commission urging the agency to make changes to the rules for an upcoming spectrum auction in order to ensure that the resulting networks are open. Google's earnings report comes against the backdrop of hints of a challenge to the company'sÂ proposed acquisition of DoubleClick. A U.S. House of Representatives subcommittee hasÂ opened an investigation into the proposed $1 billion acquisition. The executives did not discuss the proposed merger, but Schmidt did touch on legal woes for the company. The two most significant lawsuits Google faces at the moment include those related to its book search project and the suit filed by Viacom related to YouTube, the online video site that Google owns. Schmidt called the suits very important and said he wished they could be solved by technology or otherwise. He also cautioned that governments around the world could potentially find some of Google's activities inappropriate and that could become the source of future legal troubles. For now, however, there are no such threats, he said. This story was updated on July 19, 2007 Â
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Internet search engine Google thanks strong advertising sales for a target-beating rise in both turnover and profits.
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Microsoft, the world's largest maker of computer software, reports a doubling of quarterly profits.