Google reported quarterly sales in double digits for the first time in the year. Google is in a turbulent confrontation with China, but the online advertising business of the company is in full flow driving Google far ahead of its rivals.
Google Chief Executive Eric Schmidt said in a conference that they were back in business full blast”. This is after the company reported a fivefold jump in the net income as compared to the earlier year and that its sales grew by 17% the fastest pace in the year. He said that the fourth quarter was an extraordinary end to what was a roller coaster year. He was also optimistic about the future growth prospective.
The revenue went up by $6.7 billion. The company beat analyst predictions of $4.92 billion and amassed $4.95 billion from traffic acquisition costs. The growth was a welcome one as the company growth was just 5% during that period. The company sales were boosted in the fourth quarter by the fact that advertisers were willing to pay 5% more per click on the Google ads. The number of paid clicks on Google ads went up 13% from last year and 9% from the third quarter.
Google reported net income of $1.97 billion, or $6.13 per share. This figure was more as compared to $382 million, or $1.21 per share for previous year. Google reported revenue of $6.67 billion for the last three months, as compared to $5.7 billion for previous year. Google earned around 97% of its revenue from online advertising; but it is looking for other means to diversify the source of cash. This was brought in action with the launch of Nexus One phone.
