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The Internet giant posted 36% profit growth, easily beating most analysts’ expectations, on strength in CPC, stable click volume growth, and emerging businesses like display and mobile. Google said its second-quarter net income rose to $2.51 billion, or $7.68 a share, from $1.84 billion, or $5.71 a share, in the same period last year. Net revenue for the period ended June 30 was $6.92 billion. Excluding items, Google's earnings for the quarter were actually $8.74 a share; analysts had expected just $7.84 a share and $6.54 billion in revenue. Paid clicks increased 18% from a year ago and dropped 2% sequentially, while cost-per-click increased by 12% compared with last year. The results should help reassure investors that Google is still thriving under the leadership of Larry Page, who replaced former CEO Eric Schmidt, at the beginning of the period. “We had a great quarter,” said Page in a statement. “We’ve substantially increased our velocity of execution,” he added.
Under Page’s leadership, the company is investing in new businesses to help it compete with rivals such as Facebook, the world’s most popular social-networking service. Online users spent an average of 6.7 hours on Facebook in June, compared with 4.1 hours on Google, according to recent comScore data. In an effort to lure Web surfers eager to socialize online, the company rolled out Google+ a few weeks ago, a service that compares to Facebook, yet aims to let users more easily set up groups of friends and contacts. Within days of its debut, Google had to temporarily shut the invite mechanism for Google+, following “insane demand”. Said Page: “I’m super excited about the amazing response to Google+ which lets you share just like in real life.”
Google (GOOG : NASDAQ : US$528.94), Net Change: -9.32, % Change: -1.73%, Volume: 4,818,340