Google blasted Wall Street’s expectations for the third quarter, as earnings and revenue came in well ahead of estimates.
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The tech behemoth weighed in with net income of $2.73 billion, or $8.33 a share, up from year-ago profit of $2.17 billion, or $6.72 per share. On an adjusted basis, net income improved to $3.63 billion, or $9.72 cents a share, compared with profit of $2.93 billion, or $7.64 a share, in the third quarter of 2010.
Revenue rose 33% to $9.72 billion. Net revenue, or revenue without traffic acquisition costs, increased to $7.51 billion from $5.48 billion in the year-ago quarter.
The results easily topped estimates. The Street had predicted adjusted earnings of $8.74 a share on net revenue of $7.2 billion. Google also topped the whisper number, or unofficial expectation for earnings of $8.74 per share, in-line with consensus estimates, according to WhisperNumber.com
"We had a great quarter," said Larry Page, CEO of Google, in a statement. "Revenue was up 33% year on year and our quarterly revenue was just short of $10 billion.”
Page also went on to boast that the company’s social networking site, Google+, recently saw its number of users surpass the 40 million mark.
Aggregate paid clicks rose 28% in the third quarter, compared with 13% in the second quarter of 2011, while the average cost-per-click increased 5%, compared to a 5% decrease in the previous quarter.
The company is also adding to its headcount; as of Sept. 30, the company employed 31,353 full-time workers, up from 28,768 full-time employees on June 30.
Shares of Google rose $10.49 or nearly 2% in Thursday’s trading session, finishing the day at $558.99 a share. In after-hours trading, the stock was up more than 5%, or $29 a share.