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Google Surges on Big Profit Beat

NEW YORK, (TheStreet) -- Google (GOOG) blew past profit targets by nearly a buck.

The Mountain View, Calif. Internet search shop posted adjusted earnings of $7.64 a share up from the $5.89 adjusted profit in the year-ago quarter and 97 cents above the $6.67 analysts were looking for.

Net revenue, excluding traffic acquisition costs in the fiscal third quarter ended last month was $5.48 billion, up from the $4.83 billion a year ago and more than the $5.25 billion analysts were looking for.

Google

Google was expected to turn in a solid third quarter performance. The company's grip on the search market share strengthened in September at the expense of rival Yahoo! (YHOO) And the big spending days that characterized Google's expansion era days, seem to be ending as Google gets more frugal and shuts down more unprofitable ventures.

Google shares jumped more $36.21, or more than 6%, to $577.14 afterhours trading Thursday.

--Written by Scott Moritz in New York.



>To contact this writer, click here: Scott Moritz, or email: scott.moritz@thestreet.com.

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