Google revenues up by 23%

Google has posted better than expected third quarter results, with revenues up 23% on last year.

The company reported revenues of $7.29bn (£4.54bn) for the quarter ending September 2010, up from $5.94 (£3.7bn) for the same period last year.

Growth in revenues from paid clicks and cost per click increased by 16% and 3% over the quarter.

Eric Schmidt Google chief executive says: “Google had an excellent quarter.”

Google’s own sites generated $4.83bn (£3bn) in revenue, 67% of revenues, with its partner sites creating 30% of total revenues with $2.20bn (£1.37bn).

Google’s UK operation created $840m (£524m), representing 12% of revenues, down from 13% in same period last year.

“Our core business grew very well, and our newer businesses – particularly diplay and mobile – continued to show significant momentum.”

He adds that the company remains committed to “aggressive investment” in both its people and its products.

Schmidt said today that the company was creating $1bn (£600m) annualised revenue from the company making from mobile advertising, and claimed its Android operating system is a great success.

The company has also acquired 24 smaller companies and start ups in the past year, and now has 23,331 full time employees worldwide.

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