Google reports strong profits
Profit before certain costs was $10.08 a share, the Mountain View, California-based company said on its website. Analysts had projected $9.64 on average, according to data compiled by Bloomberg. Excluding revenue passed on to partner sites, sales rose to $8.14 billion, matching estimates. The company also proposed an effective stock split.
Chief executive officer Larry Page, who took charge a year ago, has pushed Google deeper into display advertising and mobile services. This year the company will account for 16.5% of the US market for display ads, which include banners and videos, according to EMarketer Inc. By next year, Google is projected to grab almost 20%, unseating Facebook Inc. as the market leader. “The viability of Google is still very, very strong,” said Ron Josey, an analyst at ThinkEquity LLC in New York.
