Google results bring joy to shareholders and industry alike
On Friday Google brought really good news to the world when it announced its third quarter results. The numbers themselves were very impressive compared to the same period last year: revenue $5.94 billion from $5.54 billion and net income $1.64 billion, or $5.13 a share, compared with $1.29 billion, or $4.06 a share. The markets rewarded Google by promptly pushing up their stock. Much better news for the advertising industry and the economy was the Google announcement it would hire “a number of thousands of people next year” and that search advertising, Google’s main source of income, was growing again, albeit only 3% compared to last year. The price advertisers pay per click also grew on average 5% from second quarter, a sign that there is a growing demand for best spots.