Business

Google profits beat expectations

Google logo
Image caption Google boss Larry Page said the company had "a great quarter"

Internet giant Google has reported a large rise in profits and revenue, well ahead of market expectations.

Net profit for the three months to June rose 36% on the same period last year to $2.5bn (£1.5bn), while revenues rose 32% to $9bn.

Last month, Google launched its social networking site Google+, in an attempt to take on Facebook.

The results were the first under chief executive Larry Page, who replaced Eric Schmidt in April.

Mr Schmidt had held the role for 10 years. Analysts said the decision for Google co-founder Mr Page to take over was made because he now carries more weight with investors and could re-energise the search giant.

The results will help reassure investors that the company is still thriving under his leadership.

"We had a great quarter," said Mr Page. "I'm super excited about the amazing response to Google+."

'Six-trick pony'

Shares in Google surged 11% in extended trading.

Jordan Rohan, an analyst at Stifel Nicolaus, said the results were "well beyond expectations from Wall Street".

"Clearly, the combination of mobile search, Android, ad exchange, YouTube, and the core search businesses, they're all doing well," he said.

"Google is no longer a one-trick pony. You might say six-trick pony if you count Google+."

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