Googling stronger than ever |
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Sun, 23 Oct 2005 14:45
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SAN FRANCISCO - Google Inc posted record revenues in the third quarter as its numero uno search engine's profits increased sevenfold to zoom past all expectations.
The Mountain View, California-based company's shares soared by over 10 percent as the result of the third quarter were released. Third quarter profits soared to $381.2 million taking the company's existing revenues to $1.58 billion.
In the backdrop of this news, Google shares zoomed to $346.43 on the Nasdaq Stock Market before reaching more manageable levels during the day. At close the shares had gained $36.70, or 12.1 percent to $339.90. Google officials were understandably elated at this news, "We had another strong record-breaking quarter in terms of both revenues and profits. We're very, very pleased.
Although this is typically a slower season for Internet properties, we had another exceptional quarter," said Eric Schmidt, Google chief executive officer in a statement. Last year's revenues were $805.9 million at the same time, so in that respect the current year's earning have zoomed 96 percent or almost double that of last time.
Analysts are amazed at Google's progress that too in only seven years. The point is that even though Google is investing heavily in new services like the Google Talk and the video search tools, its market share has kept on moving north. There is healthy speculation as to what Google's next step would be.
Last month, the search behemoth had put in a bid to build a wireless network over the city of San Francisco, which would provide free Internet access to all residents. "We are excited about Internet access in general. With better access to the Internet, people do more searches," said Larry Page, one of Google's co-founders. "San Francisco is an experiment."
He however categorically stated that Google was not going to expand on this front for the moment. "Internet access is becoming so ubiquitous, so practical; our lives are continuing to move online and change the way we live and do business," Schmidt said. "We believe that the most direct way to access the world's information is, and will continue to be, through Google."
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