Google revenue up sevenfold
2 February 2005
Google has announced that its quarterly profits rose sevenfold in the three months to December 31st.
The search giant reported net profits of $204.1 million (£108 million) for the quarter, boosted by strong advertising revenues.
The company made just $27.3 million in profits a year earlier and total fourth quarter turnover for the end of 2004 leapt to $1.03 billion from $512.2 million, far in excess of analysts' estimates.
For the whole of 2004, Google earned profits of $399.1 million on turnover of $3.19 billion, up from $105.6 million and $1.47 billion respectively in 2003.
"Google had an exceptional quarter," company CEO Eric Schmidt said in a statement. "Revenues and profits increased significantly, our execution was solid across the company and, most importantly, our relationship with our users, partners and advertisers became even stronger."
Google's shares rose in post-closing bell trading on the Nasdaq stock exchange, from $191.90 to $201.60. When Google first floated in August 2004, its shares debuted at $85.
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