Google has released its earnings report for the third quarter of 2007. According to report, Google’s revenues of $4.23 billion have shown an increase of 57% when compared to the third quarter of 2006 and 9% increase when compared to the second quarter of 2007.
However, earnings per share (EPS) remained at $3.38, which is a marginal increase at 12 cents per share above estimates. Soon after the report was released Google’s shares dwindled to close at a price of $639.62.
Google has total cash amounting to $13.1 billion. Overall, the websites owned by Google generated $2.73 billion i.e. 65 percent of total revenues which again is a 68 percent increase over third quarter last year. Google’s network revenues, generated via AdSense generated about $1.45 billion i.e. 34 percent of total revenues with a 40 percent increase over last year’s third quarter.
Google’s CEO expressed happiness with Google’s impressive growth. In a statement Eric said,”Our core search advertising business experienced continued momentum driven by growth in monetization and traffic, and we are creating a wider and deeper ads system through our focus on innovation, bringing more ad formats to our advertisers.