Google's Good Results: Tech Weekly Recap

NEW YORK ( TheStreet) -- Internet search giant Google ( GOOG) blew past Wall Street's profit estimate with its third-quarter results released on Thursday, despite global economic uncertainty and concerns about an antitrust investigation.

Google's adjusted net income increased to $3.18 billion, or $9.72 per share, for the three months ended in September, well ahead of a profit of $2.46 billion, or $7.64 per share, in the same period last year.

The company's adjusted revenue -- excluding traffic acquisition costs -- jumped 37% year over year to $7.51 billion. Analysts were expecting Google to post adjusted earnings of $8.74 per share on revenue of $7.22 billion.

Google also touted its progress toward toppling rival Facebook during the conference call to discuss its results. Its social network, Google+, had reached 40 million members just three and a half months since its launch, the company said.

"People are flocking at an incredible rate and we're just getting started," said Google CEO Larry Page.

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Analysts, however, warned that these figures may be misleading as they don't make a distinction between active users and those who signed up for the service but never logged in.

Google shares closed up $32.69, or 5.85%, at $591.68 on Friday.

Research In Motion ( RIMM) was in the news for the wrong reasons this week, thanks to a global disruption in the BlackBerry maker's service. The outage, which started on Monday, heaped yet more pressure on the embattled handset maker.

In a press conference on Wednesday, RIM blamed the problems on the breakdown of a core switch in Europe and the subsequent malfunction of its back-up system.

The Canadian company, which is struggling to keep up with Apple ( AAPL) and Google ( GOOG) in the smartphone race, said Thursday that BlackBerry service was fully restored.

RIM's stock ended the week up 36 cents, or 1.52%, at $23.97.

Apple ( AAPL) announced Monday that its new iPhone 4S had shattered the company's record for preorders in a single day.

The new iPhone continued to generate a buzz when it hit stores on Friday, with new carrier Sprint ( S) saying it logged its best sales day ever for a device. Sprint explained that it reached the milestone at around 1 p.m. EDT, boosted by sales of both the iPhone 4S and the iPhone 4.

The first "teardowns" of the new iPhone 4S, also appeared this week, revealing that chipmaker TriQuint ( TQNT) notched two big component wins within the device.

Shares of Apple finished Friday up $13.57, or 3.32%, at $422, its highest close ever, and less than $1 below its all-time intraday peak of $422.86 reached on Sept. 20.

Netflix ( NFLX) announced Monday that it is scrapping plans to separate its DVD-by-mail service and its streaming services. The controversial strategy had provoked a backlash from customers when it was announced last month.

Netflix shares closed down 97 cents, or 0.83%, at $116.04 on Friday.

Shares of Clearwire ( CLWR) rose dramatically Thursday after the mobile Internet specialist posted record revenue in its preliminary third-quarter results.

Clearwire's stock, however, ended the week down 6 cents, or 3.64%, at $1.59.

Tech earnings season hits full swing next week, with IBM ( IBM) and VMware ( VMW) reporting on Monday and Apple, Intel ( INTC), Juniper ( JNPR), Yahoo! ( YHOO) and EMC ( EMC) on deck for Tuesday. Xilinx ( XLNX), eBay ( EBAY) and Riverbed ( RVBD) report on Wednesday. AT&T ( T) and Verizon ( VZ) round out a busy week when they post their numbers, respectively, on Thursday and Friday.

-- Written by James Rogers in New York.

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