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.

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