Profits of Google skyrocket

According to fresh reports the revenue of Google the web search leaders soared by a third to $9.7bn (£6.2bn) in the three months to 30 September, as net profits grew more than a quarter to $2.7bn.

Before the announcement several noticeable analyst had feared the Google’s hiring frenzy recently would dent its profit. Google recently unveiled plans of opening up a new office in London’s “Silicon roundabout” and they boosted their staff by adding 2,585 new entrants in a three month period, making the total number employees 31,353.

In the times of economic meltdown especially in Europe, Google’s revenue growth and performance has proved that the company is pretty much unaffected to such economic crisis.

Ben Schachter a well known analyst said “These guys continue to show that they are not immune to the market but that they are going to perform better than traditional players, they are beginning to see some softness in Western Europe but it’s being more than made up for by the broader distribution of their products in mobile and the fact that emerging markets are becoming more and more important,”

Their success reflects Google’s growth outside the web search domain and the seriousness of its challenge to Facebook as a social networking platform.

CEO of Google Larry page said “People are flocking into Google + at an incredible rate and we are just getting started”.

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