Internet giant Google who has increased revenues in Australia year on year but still managed to makes loss due to their Irish Company structure has reported a 36% rise in global profits and a 32% rise in revenue, well ahead of market expectations. Shares in the Company surged 11%.
Internet giant Google who has increased revenues in Australia year on year but still managed to makes loss due to their Irish Company structure has reported a 36% rise in global profits and a 32% rise in revenue, well ahead of market expectations. Shares in the Company surged 11%.
The results were the first under chief executive Larry Page, who replaced Eric Schmidt in April.Last month, Google launched its social networking site Google+, in an attempt to take on Facebook.
Net profit for the three months to June rose to $2.5bn on revenues of $9bn.The results were the first under chief executive Larry Page, who replaced Eric Schmidt in April.
Mr Schmidt had held the role for 10 years. Analysts said the decision for Google co-founder Mr Page to take over was made because he now carries more weight with investors and could re-energise the search giant.
The results will help reassure investors that the company is still thriving under his leadership.
“We had a great quarter,” said Mr Page. “I’m super excited about the amazing response to Google+.”
Jordan Rohan, an analyst at Stifel Nicolaus, said the results were “well beyond expectations from Wall Street”.
“Clearly, the combination of mobile search, Android, ad exchange, YouTube, and the core search businesses, they’re all doing well,” he said.
“Google is no longer a one-trick pony. You might say six-trick pony if you count Google+.”
