Google profits surges on growing ad revenue
SAN FRANCISCO — Google on Thursday reported that its quarterly profit surged to $2.79 billion on rising online advertising revenue, besting Wall Street expectations.
The California-based online search titan said that its profit rose 11 percent in the quarter ended June 30 as consolidated revenue climbed 35 percent to $12.21 billion compared with the same fiscal quarter a year earlier.
“Google standalone had a strong quarter with 21 percent year-on-year revenue growth, and we launched a bunch of exciting new products… in particular the Nexus 7 tablet, which has received rave reviews,” said chief executive Larry Page.
“This quarter is also special because Motorola is now part of the Google family, and we’re excited about the potential to build great devices for users.”
Google’s stock price rose to $606.90 in after-hours trade that followed release of the earnings figures.