Google results beat expectations, shares rise

Google Inc. (NASDAQ: GOOG) posted its strongest sequential revenue growth in more than a year, outpacing Wall Street expectations as the Internet search advertising business showed signs of recovery from the global recession.

Shares of Google, which have risen nearly 15 percent in recent weeks, rose 2.1 percent.

The world's No. 1 search engine said sales in the third quarter totaled $5.94 billion, up from $5.52 billion in the second quarter and $5.54 billion in the year-earlier period.
Excluding traffic acquisition costs -- the money that Google shares with partners -- revenue was $4.38 billion versus the $4.24 billion expected by analysts polled by Thomson Reuters I/B/E/S.

Google said net income was $1.64 billion, or $5.13 a share, compared with $1.29 billion, or $4.06 per share, a year earlier.

Excluding items, Google's profit per share was $5.89, beating the $5.42 expected by analysts.

Google shares have surged roughly 84 percent since mid-March, setting a fresh 52-week high of $535.58 on Wednesday.

(Reporting by Alexei Oreskovic; Editing by Richard Chang)

Copyright 2009 Thomson Reuters
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