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Google Posts 36 Percent Increase in Year-on-year Earnings

Search engine giant Google has reported a record second quarter profit under the leadership of new CEO Larry Page, posting a 36 percent year-on-year rise in earnings.

The company said in a statement that its second quarter net earnings increased by 36 percent to $2.5 billion while the revenue was up 32 percent at $9.2 billion.

“We had a great quarter, with revenue up 32% year on year for a record breaking over $9 billion of revenue. I'm super excited about the amazing response to Google+ which lets you share just like in real life.” Google co-founder and CEO Larry Page said in a statement.

Larry Page became the new CEO of the company after replacing Eric Schmidt, who is now the executive chairman. This was Page’s first full quarter as CEO and with the block-buster financial results the company has silenced critics who had claimed that the company had no control over costs.

The revenue generated from Google owned websites was at $6.23 billion, or 69 percent of total revenues, representing a 39 percent year on year increase. Meanwhile, the revenue generated from its AdSense advertising solution was at $2.48 billion, or 28 percent of total revenues, representing a 20 percent increase from 2010.