Google profits double

24-08-2006

Internet search giant Google announced yesterday that it had more than doubled its profits during the second quarter of the year.

The company said that its net income for the three months to the end of June was $721 million (£390 million), compared to $342 million for the same period in the previous year.

The California-based company added that its revenues rose by 77 per cent during the quarter, increasing to $2.46 billion (£1.33 billion) and representing a nine per cent growth in sales.

Google's strong performance has surprised analysts who had predicted a much more conservative showing from the internet search provider, amid slowing growth within the market which has impacted upon the company's rival Yahoo.

"The data suggests that Google is sucking lots of revenue and market share away from other leading internet players," said Derek Brown, an analyst at Pacific Growth Equities.

Google said that its strong performance had been driven by the launch of new products and services, with the company moving into new advertising markets.

"Google grew at an impressive pace during a seasonally slow quarter," said the company's chief executive, Eric Schmidt.

"Our strong performance results from our clear focus on increasing the quality of user experience, particularly in search and ads," he added.


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