Google Profits Up
Google Revenue Surges in Second Quarter but Shares Drop
Google reported a 28 percent rise in second-quarter profits but results fell short of expectations on Wall Street resulting in a drop in share price of about 7% reports CNN.
Google said net profit increased to $925 million, or $2.93 dollars per share, in the April-June period, compared with $721 million, or $2.33 dollars per share in the same period in 2006.
Google reported revenues of 3.87 billion dollars, an increase of 58 percent compared with the second quarter of 2006 and six percent higher than the first quarter of 2007 in what is traditionally the weakest quarter for paid search advertising.
Interesting figures from research firm eMarketer show that Google collects 27.4% of all ad dollars spent online. Yahoo is second with 16.3%, followed by Time Warner’s AOL portal with 9.1% and Microsoft with 6.8%.