Google Bounces Back

Google announced it's latest quarterly results yesterday beating it's own forecast. Although profits were partly generated by cost cutting overall the results have indicated a general recovery in the market. The UK results weren't so rosy though. Extracts below -

Google, the internet giant, provided further signs of economic recovery today as it delivered a forecast-beating set of quarterly results and signalled plans to resume its policy of taking on staff.
Beating earlier Wall Street predictions, the California-based company reported revenues of $5.94bn for the last three months, an increase of 7% on the same period twelve months ago. Profits for the quarter rose by 27% to $1.64bn, from the $1.29bn reported this time last year. Eric Schmidt, Google's chief executive, said he thought the company's growth was a sign that a wider economic recovery was underway.

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Despite the positive results for the group as a whole, the news was not quite as rosy for Google's British operation. Executives have struggled to cope with currency fluctuations over the past year, as well as what Google chief financial officer Patrick Pichette said was a result of "ongoing macro-economic weakness".

The company, which dominates the internet advertising market in the UK, brought in $765m (£470m) of British business for the three months ending on September 30 - down 1.5% on last year's figure of $776m (£477m).

Despite the stagnant UK market, however, many observers see Google's overall rude health as positive news not only for the technology industry, but for the wider economy.

You can read the full article at the Guardian here - http://www.guardian.co.uk/technology/2009/oct/15/google-announces-profits