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Google commits to long-term goals after Q3 revenue rise

16.10.2008
Google increased its revenue and profit in the third quarter, as its top executives said the results were good while pledging to manage the business with a long-term outlook despite global economic challenges.

Google reported revenue of US$5.54 billion for the quarter, which ended Sept. 30, up 31 percent compared with last year's third quarter.

Deducting the commissions Google pays to its advertising partners, revenue came in at $4.04 billion, slightly below the $4.05 billion consensus expectation from analysts polled by Thomson Reuters.

Net income was $1.35 billion, or $4.24 per share, compared with $1.07 billion, or $3.38 per share, in 2007's third quarter.

On a pro forma basis, which includes one-time items, net income was $1.56 billion, or $4.92 per share, exceeding analysts' consensus expectation of $4.75 per share.

"Google had a good quarter. Traffic and revenue were both solid and we kept tight controls on costs," said Google CEO Eric Schmidt during a conference call.