The online search giant shows 26% rise in profits despite worsening economic conditions in the country. The announcement became a cause of 7% increase in the company’s shares in after-hours trading.
During the 3Q of the 2008, Google minted $1.35bn and beaten the analysts expectations quite easily.
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The company said in an announcement that its earning had strongly grown and it’s mainly due to company’s online search and advertising businesses.
There was a 31% ($5.54bn) increase in Google’s quarterly revenue that also includes commissions to associated advertisers.
Google announced the results after Wall Street closing on Thursday. The company stated that it would further improve its core businesses and also made some more investment in future areas of growth.
The figures were welcomed by many analysts, as Colin Gillis, an analyst at Canaccord Adams, said: “It shows how much powerful the model-paid search is and it has, indeed, become the best form of media advertising out there
Eric Schmidt, Google’s chief executive says: “ I accept that reality that even Google is most profitable company of the internet, but it may not be immune to escape from the financial crisis.
“Though we have a realistic approach about the poor state of the worldwide economy, we will mange the company in the same manner for the long run.”
Google managers believe that their company will thrive even in the slowing economy.
