Google Quarterly Results Surpass Market Expectations

The technology sector has been given a glimmer of hope for the sustained recovery from the vexing economic crisis, with two of its tech heavyweights, Google and IBM, posting better-than-expected quarterly results on Thursday.

The net income for the search engine giant for the third quarter ended in September was $1.64 billion, or $5.13 per share, registering a remarkable hike of 27 percent from $1.29 billion, or $4.06 per share, from the same period a year ago.

The company further asserted that its sales for the quarter rose by around seven percent to reach $5.94 billion, indicating that the worst of the recession might be over, and subsequently the demand for online advertising is showing positive trend.

This is evident from the fact that the count of paid clicks, involving clicks on the adverts on Google and partner sites, have increased by four percent from the past quarter, and around 14 percent on year-over-year basis.

In addition, revenues from outside the US were found to be $3.14 billion, accounting for 53 percent of its total revenues in the quarter.

Google’s chief executive Eric Schmidt said: “While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future”.

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