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Read more with google mobile : Google sees economic revival in rising revenues

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Google sees economic revival in rising revenues AFP - Friday, October 16 Send IM Story Print SAN FRANCISCO (AFP) - – Google chief executive Eric Schmidt proclaimed the worst of the economic storm over Thursday as the Internet powerhouse reported quarterly revenue surged seven percent to 5.94 billion dollars. "Google had a strong quarter -- we saw seven percent year-over-year revenue growth despite the tough economic conditions," Schmidt said in a release. "While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future," he said. Google reported that net profit for the quarter ending September 30 rose to 1.64 billion dollars, or 5.13 dollars per share, from 1.29 billion dollars, or 4.06 dollars per share, in the same period last year. Google's stock price was buoyed by the earnings report, climbing nearly three percent to more than 545 dollars per share in after-hours trading. The California-based firm has continued to profit through the global financial turmoil thanks to revenue from online ads posted with search results. It has also starting squeezing advertising money out of video-sharing website YouTube. The earnings results come a day after online tracking firm comScore reported that Google increased its share of the US search market to 64.9 percent in September from 64.6 percent in August. Schmidt said that Google's acquisitions of YouTube and Internet advertising targeting titan DoublecClick "look as though they will be incredibly successful." Google executives reaffirmed their prediction that YouTube will be profitable "in the not too distant future" and backed the belief by saying that they were making money from more than a billion video views daily at the website. The rapidly expanding use of Internet-linked smartphones also promises to translate into more searching and, therefore, more chances for Google to serve up money-making advertising online. The numbers of smartphones based on Android operating systems have been swiftly growing since the Google-backed open-source mobile operating system was released less than a year ago. "Android's adoption is clearly about to explode," Schmidt said. "This is a very critical period." Schmidt added that a premier version of a Chrome Web browser made by Google is on track for release by the end of this year. The Google CEO made it clear the Internet giant will be loosening purse strings tightened during the brunt of the economic storm. Google will take a bullish course, investing in acquisitions, products and hiring talented people that fit its culture, according to the chief executive. The bulk of the hiring Google is looking for is engineering talent, which should be more available in the wake of brutal economic conditions. "We've been doing very well on the cash generation front throughout this full year," Schmidt said. "Cash gives us operating flexibility." Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - Friday, October 16 Warner to distribute "Sesame Street" DVDs Reuters - Friday, October 16 Oracle envisions rosy life with Sun Reuters - Friday, October 16 Google sees economic revival in rising revenues AFP - Friday, October 16 IBM revenue down but net profit and outlook up AFP - Friday, October 16 News Search Top Stories Boy found alive at home after helium balloon drama Boy in balloon drama found alive: US police Carbon emissions must peak by 2015: UN climate scientist Bill Gates pledges 120 million to boost African, Indian farmers French court denies woman dead husband's sperm More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Avril Lavigne to divorce: reports Huge dinosaur find in China 'may include new species' Heidi Klum announces birth of fourth child French court denies woman dead husband's sperm Co-sleeping key culprit in sudden infant death: study More Most Viewed » Oldest hominid skeleton sheds light on human origins Boyzone singer Gately dies in Spain More Most Recommended » Elsewhere on Yahoo! 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