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See more | Photo caption Bulgaria bus bombing Several people were killed and more than 20 injured in an explosion on a bus carrying Israeli tourists in Bulgaria. Slideshow Best of Tour de France Highlights from the 99th Tour de France. Slideshow Google Internet business defies econ worries, ad clicks surge Tweet Share this Email Print Related News Instant View: Google's core Web biz strong; Microsoft succumbs to first loss 1:33am EDT Analysis & Opinion Counterparties: Why big companies are bad at innovating How Bloomberg can still run Washington Related Topics Tech » Media » Related Video Google+ growth spurt Thu, Jul 19 2012 Knocking hard on Apple's door Google Inc's logo is seen at an office in Seoul in this May 3, 2011 file photograph. Credit: Reuters/Truth Leem/Files By Alexei Oreskovic SAN FRANCISCO | Fri Jul 20, 2012 1:33am EDT SAN FRANCISCO (Reuters) - Google Inc's core Internet business increased revenue by 21 percent in the second quarter, easing Wall Street worries that a slumping global economy would take a toll on the company's online advertising. Shares of the world's No.1 search engine were up about 3 percent in after hours trade. Google, which reported its first set of quarterly results since its May acquisition of Motorola Mobility for $12.5 billion, offered few details about its plans to expand into the hardware business, focusing instead on what it described as healthy trends in its traditional online advertising business. "The stock is working after hours because core search seems to be working really well," said ThinkEquity analyst Ronald Josey. "I don't think it was a knock-the-cover-off-the-ball quarter, but a quarter that showed that despite the fears around macro and FX, the company continues to execute really well," said Josey. Google's advertising rates continued to be pressured by adverse macroeconomic and currency conditions and by consumers' increasing use of smartphones to access mobile versions of the Web. But investors took comfort in the 42 percent surge in overall clicks on Google's search ads during the second quarter. "Paid-click volume is really strong; it's a good thing. The volumes are accelerating and usage of Google has not stopped, it has just continued," said Susquehanna Financial analyst Herman Leung. Google said revenue for its existing Internet business totaled $10.96 billion in the quarter, up from $9 billion a year earlier. MOTOROLA MYSTERY Google Finance Chief Patrick Pichette said the company was still in the process of evaluating every business and division of Motorola. "I need a bit of patience for us to complete our homework," Pichette said, when asked about Google's views on Motorola's television set-top box business. Investors have a wide range of questions about Google's expansion into the hardware business, where margins are low and competition with the likes of Apple Inc and Samsung Electronics is fierce. "We, like everyone else, were expecting to get a little more around what they were expecting to do with it, rather than just noting that it's only a couple of months in," said RBC Capital Markets analyst Andre Sequin, referring to Google's plans for Motorola two months after the deal officially closed. Among the key questions still unanswered by Google, he said, are the pace at which the company will churn out new mobile phones and whether Google will develop a high-end device that's intended to challenge Apple's iPhone directly. "For most people, the biggest concern is that this is not a core competency for them. And what will this do to margins?" said Sequin. Motorola reported an operating loss of $233 million in the second quarter on revenue of $1.25 billion. With little information to share on Motorola, Google executives went to lengths on the conference call to highlight the success of past acquisitions. Senior Vice President Nikesh Arora ticked off several past deals, including Youtube and Doubleclick, which he said were now "well integrated and helping us succeed in the ad space". Chief Executive Larry Page, who is resting his voice due to an unspecified ailment, did not participate in the call. Arora said that Page continues to run the company but that there was no news to share on his health. Google's stock climbed to $611 in extended trade, from a close of $593.06 on the Nasdaq. MOBILE ADS Google's headcount swelled to 54,604 employees at the end of the second quarter due to the Motorola acquisition, which added roughly 20,000 workers to the Internet company's payroll. Google said its mobile advertising efforts continued to make progress, with more than 1 million advertisers for its AdMob product. The cost per click for Google's online search ads continued to decline in the second quarter, falling 16 percent year-on-year. But some analysts highlighted a quarter-on-quarter 1 percent gain in second quarter CPCs. "(Cost per click) was down more than I expected, but this could be a trough, since we did see a sequential uptick," said Needham & Co analyst Kerry Rice. "We may have hit the bottom here." Google posted overall revenue of $12.2 billion for the quarter and net income of $2.79 billion, or $8.42 per share, on a consolidated basis. "Search demand in the U.S. was pretty solid, and despite economic challenges in Europe, I'm getting the sense that search demand was not too bad there," said Rice. (Additional reporting by Gerry Shih; Editing by Steve Orlofsky and Joseph Radford) Tech Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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