Google reports awesome profits in the latest revenue report

Google reports awesome profits in the latest revenue report

Search engine industry giant Google continues to shine. Their fourth-quarter profit has nearly tripled and the company easily managed to beat the market expectations.

Google reported that they earned $1.03 billion, or $3.29 per share, during the final three months of 2006. This is impressive when compared to figures of $372.2 million, or $1.22 per share, at the same time in 2005.

Eric Schmidt, Google’s chief executive officer spoke about this performance: “To be growing this fast at this stage is phenomenal. Frankly, I could not be prouder of this company.”

The news helped the company’s stock as it climbed $7.18 to close at $501.50 on the NASDAQ Stock Market. It later fell by $6.70, or 1.3 percent, in extended trading. Stock markets perhaps had expected them to do even better than this!

Global Crown Capital analyst Martin Pyykkonen spoke about this report: “Everything was solid, but it wasn’t the type of blowout quarter Google has delivered in the past. No matter how you look at it, they notably exceeded expectations. It’s just that all the good news is already priced into the stock.”