Google Posts Strong Q3 Results
Search giant records revenue, income gains, despite slowing economy.
By Glen Dickson -- Broadcasting & Cable, 10/16/2008 1:42:00 PM
Google reported revenues of $5.54 billion for the quarter ended September 30, 2008, an increase of 31% compared to the third quarter of 2007, and net income of $1.35 billion, a 26% gain over the $1.07 billion recorded in the third quarter of 2007.
Revenues and net income both increased slightly from the second quarter of 2008--3% and 8%, respectively---despite the uneven economic environment.
Google CEO Eric Schmidt said he believed in the continual growth of the Web in the long-term despite the near-term economic realities in the U.S. and abroad.
“We had a good third quarter with strong traffic and revenue growth across all of our major geographies thanks to the underlying strength of our core search and ads business,” said Schmidt in a statement. “The measurability and ROI of search-based advertising remain key assets for Google. While we are realistic about the poor state of the global economy, we will continue to manage Google for the long term, driving improvements to search and ads, while also investing in future growth areas such as enterprise, mobile, and display.”
Earlier Thursday, Google announced a partnership with broadcast vendor Harris to integrate its Google TV Ads online media buying platform with Harris’ existing traffic software systems for broadcaster, cable networks and cable operators.
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10/16/2008
