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Google revenue soars despite recession

Search giant says economic is bouncing back

Google grew both its revenue and profit in the third quarter, which ended September 30, registering results its CEO called "strong" and that exceeded Wall Street expectations.

Google had revenue of $5.94 billion, up 7 percent compared with 2008's third quarter, the company said. Of that total, it paid out $1.56 billion, or 27 percent, as commissions to its advertising partners and, to a lesser extent, as fees to other partners. Thus, net revenue was $4.38 billion.

Net income came in at $1.64 billion, or $5.13 per share, up from $1.29 billion, or $4.06 per share, in 2008's third quarter.

"Google had a strong quarter - we saw 7 percent year-over-year revenue growth despite the tough economic conditions," Google CEO 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."

Paid clicks on ads served on Google sites and on partner sites increased 14 percent, while the average cost-per-click fell 6 percent, Google said.


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