Google results boosted by advertising boom
25 July 2005
Google has announced that it quarterly profit leapt from $79.1 million a year ago to $342.8 million for the second quarter of this year.
Shares in Google have soared since the firm's initial public offering last year and the firm is now valued at about $86 billion (£49 billion). Shares in the group reached a record $313.94 last Thursday on the New York Nasdaq stock exchange.
The search giant's latest results come just two days after Yahoo! unveiled a six-fold increase in profit to $754.7 million. Online search engines are seeing a boom in internet advertising as companies discover it offers an inexpensive and effective way to reach consumers.
Most of Google's revenue is generated by paid adverts displayed next to its search results and this sector generated $1.38 billion over the quarter, up from $700.2 million for the same three months in 2004.
In April, Google reported net profits of $369.2 million for the first quarter of 2005, well in excess of Wall Street predictions.
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