As has been the case for the past several years, Yahoo's latest quarterly financial report contrasted poorly with that of Google, which grew its total revenue by 32 percent in the second quarter to US$9.03 billion. Subtracting fees and advertising commissions, Google's net revenue came in at $6.92 billion. Like Yahoo, most of Google's revenue comes from online advertising.

Google's net income was $2.51 billion, or $7.68 per share, compared to $1.84 billion, or $5.71 per share, in 2010's second quarter. On a pro forma basis, Google's net income was $2.85 billion, or $8.74 per share, compared with $2.08 billion, or $6.45 per share, in the second quarter of 2010.