Google growth double online average
October 22, 2007
Google said net income in the third quarter surged 46 per cent compared with the period a year earlier. Sales rose 57 per cent, topping Wall Street's bullish forecasts.
The results show that Google is growing roughly twice as fast as the overall online advertising market, which itself is booming, and that it is expanding far more quickly than any large Internet company. Google's rival Yahoo said its revenues had grown just 12 per cent.
Google said its net income grew to $1.07 billion (E0.75bn) , up from $733 million a year earlier. Net revenue rose to $4.23 billion. Excluding commissions paid to advertising partners, a widely followed measure of the company's performance, revenue was $3.01 billion, about $70 million higher than analysts expected. Profit, excluding items like stock-based compensation, was $1.24 billion.