Updated from 4:11 p.m.Google ( GOOG) rose modestly in postclose trading Thursday after blowing out earnings targets. Google beat Wall Street's revenue and profit estimates for the second quarter. The performance, which ended a run of poor reports in the Internet sector, sent Google shares up 1.4% in after-hours trading. For its second quarter ended June 30, the Mountain View, Calif., Net giant made $721 million, or $2.33 a share. That's up from $1.36 a share a year ago. On an adjusted basis, excluding certain costs, latest-quarter earnings were $2.49 a share. Net revenue, excluding the money Google shares with its advertising partners, was $1.67 billion, up from $891 million a year earlier. On a gross basis, revenue rose 77% from a year ago and 9% sequentially, Google said. Wall Street analysts were looking for a $2.22-a-share profit on net revenue of $1.64 billion. "Maybe everyone is getting collectively better at predicting" Google's results, says Martin Pyykkonen, an analyst with Crown Global Capital who rates Google overweight with a $500 price target, referring to the wild swings in Google's past quarterly performance vis a vis estimates. "There's evidence in this quarter of them getting market share against Yahoo!." "The biggest thing was that there was no big thing," says Rick Summer, an analyst with Morningtar who doesn't recommend buying the shares because of their price. "We had another strong, solid quarter for Google, something we should have all expected," he says. "The big question for this company is, does this continue?" Execs on a postclose conference call indicated it would. "We are very, very proud of our results,'' says Eric Schmidt, the company's chief executive, on the call. "The opportunties before us are really unlimited at this point.'' Google plans to make a big push internationally, he says. The company also is in "the wonderful situation'' of being able to increase its hiring standards, Schmidt says. For the second quarter, Google-owned sites generated gross revenue of $1.43 billion, or 58% of total. This represents a 94% increase over a year ago and a 10% increase sequentially. Google's partner sites generated revenue, through AdSense programs, of $997 million, or 41% of total revenue. That's up 58% from a year ago and 7% sequentially. International revenue was 42% of total revenue, flat sequentially and up 3 percentage points from the first quarter. Traffic acquisition costs, reflecting revenue shared with Google's partners, rose to $785 million from $723 million in the first quarter. TAC as a percentage of advertising revenue was flat at 32%. Google's report comes on the heels of a poor showing from rival Yahoo! ( YHOO) and a mixed report from online auctioneer eBay ( EBAY). Earlier Thursday, Travelzoo ( TZOO) plunged 14% on a soft revenue report. Google shares rose in postclose action after dropping during regular trading Thursday. Shares across the Net sector have been under pressure this year. Google has held up better than its peers -- Yahoo! is down 35% and eBay 41% -- but its shares were still down around 6% heading into Thursday's postclose report. "People come to Google for information. If they do that better than anybody else, they will earn the most advertising dollars," says Rob Lutts, chief investment officer of Cabot Money Managment, which owns Google shares among its $400 million in assets under management. "We see them do that quarter after quarter." After dropping $11.88 during regular action, Google rose $5.59 in postclose trading to $392.71.