Google reports strong profit growth

GOOGLE Inc, owner of the world’s most popular search engine, said third-quarter profit increased as businesses spent more on advertising for online consumers.

Net income rose 32% to €1.54 billion ($2.17 billion), or $6.72 a share, from $1.64 billion, or $5.13, a year earlier, Google said on its website. Profit excluding some items was $7.64 a share, compared with the $6.68 average of projections compiled by Bloomberg.

Google, even amid a sluggish rebound in US economic growth, is benefiting from increased spending on search-based ads as it pursues opportunities in mobile communications and display advertising. Online spending is expected to account for 15% of total US advertising this year, up from 12% in 2008, according to EMarketer Inc. in New York.