Google Surges on Big Profit Beat
NEW YORK, (
) --
(GOOG) - Get Report
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.
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Google was expected to turn in a solid third quarter performance. The company's grip on the search
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
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.To follow Scott on Twitter, go to http://twitter.com/TheStreet_Tech.>To send a tip, email: tips@thestreet.com.
