Google Reports Profit Spike of 69%
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Google Inc., owner of the most-used Internet search engine, said first-quarter profit rose 69% as it increased advertising sales worldwide and took more market share from Yahoo! Inc. Net income climbed to $1 billion, or $3.18 a share, from $592.3 million, or $1.95 a share, a year earlier, Google said yesterday in a statement. Profit excluding costs for stock options was $3.68 a share, exceeding the average estimate of 27 analysts surveyed by Bloomberg. Google shares rose 3.1% in trading after the earnings report. Sales excluding revenue passed on to partners advanced 66% to $2.53 billion, more than analysts predicted, as Google beat rivals Yahoo and Microsoft Corp. in America and expanded in markets abroad.
