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Google revs up profits as advertising revenues soar

by Staff Writers
San Francisco (AFP) Oct 18, 2007
Internet giant Google soundly beat forecasts with its third-quarter results Thursday as profits jumped 45 percent to 1.07 billion dollars amid surging online advertising revenues.

The earnings for the Internet search leader amounted to 3.91 dollars per share, well ahead of the average Wall Street estimate of 3.78 dollars.

Revenues meanwhile jumped 57 percent to 4.23 billion dollars.

"We are very pleased with the impressive growth we experienced across our business," said chief executive Eric Schmidt.

"Our core search advertising business experienced continued momentum driven by growth in monetization and traffic, and we are creating a wider and deeper ads system through our focus on innovation, bringing more ad formats to our advertisers," he said.

"Our efforts to offer more products and services in international markets as well as effectively grow our technology infrastructure and add to our deep talent base during the quarter helped to deliver growth by enabling Google to reach more users around the world."

Google has consistently gained in the key area of Internet search against its main rivals, and as a result produced more revenues from its so-called paid search ads that are linked to search queries.

According to research group comScore, Google held a 57 percent share of US searches in September, compared with 23.7 percent for Yahoo. Google also has a large share of the global search market.

Google said 48 percent of its revenues came from outside the United States, compared with 44 percent a year ago. Britain accounted for 16 percent of Google revenues.

The California company has also kept up its frenzied pace of hiring, adding 2,130 employees in the quarter to make a total of 15,916.

Google's stock price burst the 600 dollar barrier for the first time on October 8 after favorable reports on its business potential stoked investor appetite for its already pricey shares.

Google's share price has multiplied by seven since its debut just over three years ago.

Shares were up in after-hours trade after rising 0.97 percent to 639.62 in regular trading.

Google makes the bulk of its money by selling online advertising. It collects lucrative revenues by charging advertisers every time an Internet user clicks on an advert displayed on Google's websites.

Its name has also become a verb, to Google, among computer users surfing the Internet for information.

Google has ballooned at breakneck speed since its founding by two former Stanford University students, Larry Page and Sergey Brin, into a multinational corporation with a market value of nearly 200 billion dollars, larger than IBM or General Motors.

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Internet preparing to go into outer space
Seoul (AFP) Oct 17, 2007
After expanding across Earth, the Internet is now set to spread into outer space to reach parts no network has gone before, one of its co-creators predicted Wednesday.

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