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Google's net profit jumps 25 percent

Posted on Friday, October 17 2008 @ 21:56:09 CEST by

Google's shares are up more than 5 percent today on much better than anticipated financial results in the third quarter of this year. The search engine posted a profit of $1.35 billion, up more than 25 percent from last year's $1.07 billion:
After the bell Thursday, Google said net income for the period ended in September rose to $1.35 billion, or $4.24 a share, from $1.07 billion, or $3.38 a share, in the same period a year earlier.

Revenue excluding traffic-acquisition costs rose to $4.04 billion, up 35%. Excluding special items, Google said earnings for the quarter were $4.92 a share. Analysts on average had estimated Google would post earnings excluding special items of $4.74 a share, on net revenue of $4.04 billion, according to FactSet Research.

Sanford Bernstein analyst Jeffrey Lindsay said the performance was impressive, given the current state of the economy. "In this market, it's fantastic," Lindsay said. He added that Google had done a particularly good job of preparing for the down market by cutting costs.
More info at MarketWatch.



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