Google recorded a 12% increase in revenue to $14.89 billion for the third quarter. The search engine behemoth said net revenue for its Internet business was up 23% year on year to $10.8 billion from $8.76 billion. Net profit was $2.97 billion, or $8.75 a share, compared to $2.18 billion, or $6.53 a share, in the year-ago quarter.
Its mobile phone business, Motorola, continued to bleed, reporting an operating loss of $248 million compared to a loss of $192 million for the same period a year earlier. Revenue fell 34% year on year to $1.18 billion.
During an earnings conference call, CEO Larry Page said mobile continues to benefit Google's YouTube business with 40% of the traffic from the site originating from mobile devices. In the third-quarter 2012, 25% of traffic came from mobile and a year earlier, merely 6%.
Page also added that he would not regularly participate in quarterly earnings calls going forward, explaining "you're depending on me to ruthlessly prioritize".
"About two years ago when I became CEO again, my goal was to make sure Google maintains the passion and soul of a startup," he said. "Great is just never good enough."
Shares gained 8% to $960 in after-hours trading, an all-time high for the ubiquitous tech firm.
TheStreet Ratings team rates Google Inc as a Buy with a ratings score of B+. The team has this to say about their recommendation: