Monday, 19 October 2009

Google reports record quarterly profit

As reported widely in the press, including by the BBC and The New York Times, Google has reported its highest quarterly profit for July-September, at US$1.64bn, which is up by 27% on the same period last year. At the announcement, Google's management claimed that the Internet advertising market is now coming out of the recessionary period, although it has always performed better than other advertising sectors in terms of annual growth rates.

Google's revenue for the three-month period was $4.38bn, which was well ahead of analysts' expectations of $4.24bn. The company also announced some new initiatives, including sales of electronic books through a new electronic editions service, which would compete with the likes of Amazon and their new Kindle product.

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