Google Report Profit Increase
Google has reported a net profit of $1.64bn (£1bn) for the period between July and September 2009. This figure shows an increase of 27% on the same period during 2008.
"The worst of the recession is clearly behind us," said Google chief executive Eric Schmidt.
Total revenue at Google for the three-month period came in at $4.38bn, which was well ahead of analysts' expectations of $1.29bn.
Google has clearly weathered the recession better than other advertising-dependent companies, and it was widely expected to be one of the first beneficiaries of an economic recovery. "
This recovery has enabled the company to announce two new initiatives, including the sales of electronic books through a new electronic editions service, which would place them in direct competition with Amazon and Apple.
Google has also agreed a deal to broadcast programmes from the UK's Channel 4 on its YouTube site.
"Google has no competition. Yahoo is withering on the vine and [Microsoft's] Bing is too tiny now," said Coin Gillis, senior analyst at Brigantine Advisors. "They did great on every single metric. We think this is sustainable." He said the message from the Google management was loud and clear: "Big brand advertisers are back and they are spending money."
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