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October 14, 2011

Google’s net revenue grew 37% in Q3

Saw 26% increase in net income

By CBR Staff Writer

Google has reported net revenue, which excludes fees that the company shares with partner websites, of $7.51bn for the third quarter ended 30 September 2011, up 37% compared to the same quarter previous year.

The increase in the net revenue is due to robust demand from advertisers in emerging markets, such as in Asia, as well as strength in its mobile and display advertising businesses.

The company posted net income $2.73bn in the third quarter, an increase of 26% from $2.17bn a year earlier.

The rise in net income was primarily due to rapid increase in online advertising revenue that soared to $9.72bn in the third quarter.

Profit, excluding some items, was $9.72 a share, beating the $8.76 average estimate.

Google said that it was on track to bring in $2.5bn in revenue a year from mobile offerings, and also reported that its mobile business revenue was more than $2.5bn, a significant leap from $1bn a year ago.

The Internet search giant said that its recently launched social networking service, Google+, got off to a fast start in June, registering 10 million users in the first two weeks.

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