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Friday, October 21, 2005

Google's 3Q Profit Seven Times Higher

Google Inc. posted a third-quarter profit seven times higher than a year ago, driven by the moneymaking prowess of its Internet-leading search engine.

The Mountain View, Calif.-based company said Thursday that it earned $381.2 million, or $1.32 per share, during the three months ended in September. That compared with net income of $52 million, or 19 cents per share, a year ago. Last year's results included a $201 million charge to account for a legal settlement with rival Yahoo Inc. (Nasdaq:YHOO - news)

If not for charges for employee stock options and research and development related to an acquisition, Google said its earnings would have been $1.51 per share.
That figure easily exceeded the consensus estimate of $1.36 per share among analysts surveyed by Thomson Financial.

Google's revenue for the quarter totaled $1.58 billion, nearly doubling from $805.9 million last year. After subtracting the commissions that Google paid to other Web sites in its advertising network, the revenue stood at $1.05 billion, exceeding the Wall Street estimate of $944 million.
The results were released after the stock market closed Thursday. Google's shares fell $5.50 to close at $303.20 on the Nasdaq Stock Market, then surged by $22.66, or 7.5 percent, in extended trading.

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