Google earnings better-than-expected $2.2B

Internet giant Google Inc. reported better-than-expected third-quarter earnings of $2.2 billion US, or $6.72 a share, Thursday on revenue of $5.5 billion, after subtracting commissions paid to its ad partners.

That was up from the previous quarter, when it earned $1.6 billion, or $5.13 per share.
Google’s third quarter earnings surpassed expectations Thursday.

Analysts expected profits of $6.69 per share, according to Thomson Reuters.

Shares of Google jumped nearly eight per cent, to $582.80, in after-hours trading, after its earnings were released.

Google managed to increase profits despite adding 1,500 workers in the quarter and spending more than four times as much on data centres and other equipment compared with a year ago.

The profit report came two days after Google and partners announced they would invest in a proposed $5-billion network of underwater transmission lines that could bring power from future offshore wind farms to customers along the East Coast.

The project, called the Atlantic Wind Connection, would run electrical lines as far as 32 kilometres offshore from Virginia to New Jersey.

The initial phase of the project would be capable of delivering 2,000 megawatts of wind energy — enough to power about 500,000 homes.

Read more: http://www.cbc.ca/money/story/2010/10/14/google-earnings.html#ixzz12Muj91F8

The Associated Press