Business News
Google profits double in second quarter
Jul 21, 2006, 0:36 GMT
New York - Google Inc's second quarter profits more than doubled as the world's most-used search engine continued to grab market-share from rivals Yahoo Inc and Microsoft Corp, the company said after the stock market closed Thursday.
Net profit climbed to 721.1 million dollars from 342.8 million dollars in 2005, the Mountain View, California-based company said in a statement. Revenue for the quarter also surged 77 per cent to 2.46 billion dollars.
'Google grew at an impressive pace during a seasonally slower quarter,' chief executive Eric Schmidt said.
The revenue beat analysts' forecasts, Bloomberg News reported. Rival Yahoo on Wednesday reported disappointing second quarter revenue, leading shares in the company to plunge 20 per cent on the day.
Google shares were up 1.01 per cent to 391.02 dollars in after- hours trading Thursday.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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