Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 856 Sat. October 21, 2006  
   
Business


Google profit nearly doubles


Google Inc on Thursday said quarterly profit nearly doubled and revenue rose 70 percent, fueled by growth on company-owned Web sites and overseas, as the Internet search leader tightened its grip over the online search market.

Its shares rose 8 percent as the Mountain View, California- based company topped Wall Street's consensus expectations. That left the stock, which had a lackluster first half of 2006, up 11 percent for the year and in striking distance of a record.

Google Web sites, such as Google.com and Google News, helped power growth, while foreign markets rose to 44 percent of revenue from 39 percent a year earlier as the company gained in countries such as Britain and Germany.

"Google right now seems to be running on all cylinders. They're executing phenomenally well," said Jay Wong, a portfolio manager at Payden & Rygel Investment Management.

Net income for the third quarter rose 92 percent to $733.4 million, or $2.36 per diluted share. Analysts had been looking for a net profit, on average, of $2.13 per share, according to Reuters Estimates.