Google yesterday reported that its third-quarter profits were up 46%, exceeding analyst expectations. From Reuters:
Third-quarter net income rose to $1.07 billion, or $3.38 per diluted share, compared with the year-earlier quarter’s $733.3 million, or $2.36 per diluted share. Excluding one-time items, profit was $3.91 per share in the latest quarter.
This jump in profits is attributable to growth in traffic and ad revenues, the company said, which offset continued hiring. (Q2 hiring expenses had resulted in lower-than-expected profits for that quarter.) Google’s search market share rose .5% from August to September of this year, to 57%, giving the company more than twice the market share of second-place Yahoo, whose profits fell 5% in Q3. Reuters also reports that Google is “growing four to five times faster than