Profits for the Internet giant Google (GOOG) more than doubled in the second quarter, keeping the company on a roll and beating the analysts expectations.
According to the company they earned $721.1 million, or $2.33 a share, in the last three months ending in June. That is in comparison to $342.8 million, or $1.19 a share during the same period last year.
Google added that when you take away some one-time expenses along with their employee stock rewards, the company would have earned $2.49 a share - far above the estimate of $2.22 a share the analysts predicted.
This makes seven out of eight quarters that the Google has surged beyond the earnings set by Wall Street.
Revenue for the 3-month period came to $2.46 billion, 77 percent over the $1.38 billion from a year ago.
Google Chief Executive Eric Schmidt said in a conference call that, "It looks like our model continues to work very well, it's another good day and another good quarter for Google."
With their continued success, they have developed a war chest of $9.8 billion in cash as of June, which gives them plenty to move on with.
Schmidt added in an interview that he had his engineers alter 14 different aspects of the search formula during the quarter for the purpose of more relevant ads coming up and to encourage more money-making clicks by online surfers. It looks like it's working. This will put a little scare into their competitors.
Comment Preview