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Google Shares Soar On Record Revenues

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Google reported record revenues of just over $9 billion for the second quarter beating all expectations in the first full quarter with Larry Page in charge.

Page took over from Eric Schmidt at the beginning of April and has overseen a year-on-year rise in revenue of 32 percent. Earnings on the revenue for the quarter were $2.5 billion, up 36 percent year-on-year and again ahead of analysts' expectations.

Investors were obviously pleased with the results as after hours trading on Wall Street saw shares in the search giant jump by 10 percent to $581 dollars per share. “We had a great quarter,” said Page. “I'm super excited about the amazing response to Google+ which lets you share just like in real life.”

               Larry Page Google

The main source of revenue for Google continues to be ads, with the price paid per click-through rising by 12 percent and internet users clicking on ads almost 20 percent more this year than they did last year. Google-owned sites generated revenues of $6.23 billion, or 69 percent of total revenues, in the second quarter of 2011.

As always with earnings calls, we get some pretty interesting figures related to the company involved. Google announced that its operating system, Android, was now on 130 million devices worldwide up from 100 million announced at Google I/O in May. It also announced that 550,000 new Android devices were being activated each day, again an increase on the 500,000 figure mentioned by Andy Rubin recently.

With iOS devices hovering around the 200 million mark, it seems inevitable that Android will soon take the crown of most popular OS but with a number of patent lawsuits relating to the platform hanging over Google’s head, the issue may not be that clear cut. Google is also facing an antitrust probe in the US into the whether or not it is restricting competition - something Page will have to deal with in the coming months.

Source: Google Investor Relations

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