At Google, Earnings Soar, and Share Price Follows
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Google's already soaring stock price rocketed even higher after reporting strong growth in its first quarter as a public company.
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Web search leader Google Inc  reported on Thursday a 46 percent rise in profit that topped Wall Street expectations, fueled by accelerating market share gains and tighter cost controls.
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Stock of Google Inc.  powered to new highs on Friday, buoyed by the web search leader's new products and growth prospects, which complement its recent strong financial results, analysts said.
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Web search giant Google sees profits leap 46% in the third quarter, beating expectations, as it gains market share.
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Web search leader Google, in its first earnings report as a publicly held company, today posted a profit of $52.0 million in the third quarter on strong Web search advertising.
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The stock market surged last week on robust earnings from technology companies.
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Google Inc.'s fourth-quarter profit nearly tripled as the online search engine leader once again sprinted past analyst expectations, but the breathtaking growth wasn't enough to satisfy investors.
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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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YESTERDAY Close $639.62 Change +$6.14 52-WEEK High $641.41 Low $417.50 Google Inc., the owner of the most popular Internet search engine, said third-quarter profit jumped 46 percent, beating analysts' estimates, after the company extended its lead over Yahoo Inc. and grew outside the United States.
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Web search leader Google Inc.  GOOG.O, in its first earnings report as a publicly held  company, on Thursday posted a profit of $52.0 million in the  third quarter on strong Web search advertising.
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SAN FRANCISCO -- 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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GOOGLE, the internet search company, defied its doubters last night as it reported a doubling of quarterly revenues on strong advertising demand.
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Shares of Google, the most-used Internet search engine, which went public this summer, surged 17 percent Friday after quarterly profit more than doubled and the company said the market for Internet advertising was showing no signs of slowing.
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Google reported today that its fourth-quarter profit nearly tripled from a year ago as the world's most popular search engine continued to expand its dominant role on the Web, especially in the highly lucrative area of online advertising.
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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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Earnings season is in full swing, and results this week from bellwethers like Google, Intel, and Nokia are fueling hopes for a strong fourth quarter while confirming the investor confidence that has led to a rebound in share prices of technology vendors.All eyes were on&#160;Google, which Thursday reported another stellar quarter. For the third quarter, net income was $1.07 billion compared with $733.4 million a year ago. Revenue leaped 57 percent to $4.23 billion. The company has made some investors nervous by expanding rapidly and spending a lot of money on acquisitions to fuel growth in new areas. However, its core search business manages to ward off the competition. Google shares jumped $6.14 to $639.62 right after its announcement.Google archrival&#160;Yahoo reported a 4.6 percent decline in third-quarter profit&#160;compared to a year ago Tuesday, but revenue climbed 12 percent to $1.76 billion. Company executives said they were weeding out poorly performing services and enhancing efforts in promising areas&#160;like ad-supported music services and e-mail offerings to small businesses. The company is also expanding efforts to support third-party developers with open APIs.Even though Yahoo has been blasted for its failure to steal search ad revenue from Google, investors and analysts appear to like its strategy. Citigroup maintained a &quot;buy&quot; rating on the company while RBC maintained an &quot;outperform&quot; rating. Yahoo shares jumped $2.13 to close at $28.82 the day after the report.The market might be tougher on Internet retailers. eBay reported Wednesday that revenue climbed 30 percent but that it suffered a loss because of a $1.39 billion charge for&#160;its acquisition of Internet phone pioneer Skype. Although the company raised its 2007 revenue target, investors apparently did not like the charge for Skype, which failed to make revenue goals. Shares of eBay lost $2.50 to close at $38.10 Thursday.In one of the most-anticipated results of the week,&#160;Intel got the earnings season off to a good start Tuesday, reporting revenue of $10.1 billion, a 15 percent increase year-over-year, while achieving net income of $1.9 billion, a whopping 43 percent increase. The price competition in the market is tough, but a jump in sales and a restructuring effort appears to be paying off. Intel jumped $1.24 to close at $26.72 the day after the report.AMD did not handle the price competition so well, however. Though it registered a 23 percent rise in sales, it posted another loss. Thursday,&#160;AMD reported that its net loss was $396 million, compared with a profit of $136 million in 2006.Reaction to IBM results were mixed Tuesday, when&#160;it reported profit of $2.36 billion, compared to $2.22 billion a year ago. Revenue was $24.1 billion, a 7 percent increase from last year. Though the numbers were better than expected, a disappointing 10 percent slip in hardware sales worried investors, who pushed down IBM shares Tuesday by $3.82 to close at $115.78.Nokia managed to offset declining prices of handsets with a jump in sales. Thursday it said that for the three months ending Sept. 30, net profit increased 85 percent over the third quarter of 2006, while sales rose 28 percent. Nokia shares closed Thursday at $37.64, up by $1.11.Concerns about the U.S. economy -- because of a declining housing market and an increase in mortgage defaults -- caused shares to tumble in July and August. But judging from results this week, IT vendors were not hard hit during the quarter and investors are likely to have high expectations for the rest of the year.
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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.