Search engine giant Google has reported exceptional third quarter financial results that not only beats Wall Street estimates but also indicate that the online advertisement market is not affected by the looming global economic slowdown.
The company reported that in the third quarter of 2011, its net income increased by 26 percent at $2.7 billion while its revenue rose by 33 percent to $9.7 billion. Google’s share price increased by 6 percent after it announced the exceptional financial performance.
Claiming that this was one of the best quarters for the company, Google co-founder and CEO Larry Page informed that the company’s Google+ social networking platform now has more than 40 million users.
In a conference call with analysts, Page said that he was toning down the number of portfolio projects Google was working on and diverting resources to business lines that showed more return on investment.
"We have to make tough decisions about what to focus on, or we end up doing things that don't have the impact that we strive for," Page said. "Since we last spoke we've begun the process of shutting over 20 different products.”
Google is heavily focusing on creating a multi-billion dollar business line around its Android mobile operating system. To that affect, in August, the company announced that it intends to acquire Android based smartphone maker Motorola Mobility for $12.5 billion.