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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Google's Q3 set to return to growth, shares strong Tue Oct 13, 2009 10:07am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Alexei Oreskovic SAN FRANCISCO (Reuters) - Investors are betting on Google Inc's third-quarter results this week to show a recovery in revenue growth, pushing shares of the leading Web search engine to a 12-month high on Monday. Chief Executive Eric Schmidt has declared the worst of the recession over, setting up expectations for third-quarter net revenue to show a modest increase over the second quarter. Google's revenue fell for the first time ever in the first quarter from the prior period, and held steady in the second quarter. Google's stock rose 1.8 percent to a 52-week high of $525.76 early Monday, giving the company a market value of more than $160 billion, after a series of analysts projected that revenue would outpace average Wall Street estimates. "They're pricing in a pretty rosy picture," said Signal Hill Group analyst Todd Greenwald, who has a "hold" rating on the stock. The average analyst forecast calls for revenue excluding traffic acquisition costs -- the portion of sales that Google shares with partners -- at roughly $4.23 billion, which would be a 3.9 percent sequential rise or 4.7 percent year on year. Google is still a long way off from the supercharged, double-digit growth it once enjoyed, as efforts to reach into new markets, such as smartphones [ID:nN06420599] and Web display advertising [ID:nN18262808], take time to pay off. Greenwald said Google could eventually return to revenue growth in the mid-20 percent range -- but that scenario had been factored into prices. "Shares are a little ahead of themselves, or even if they're not, they don't leave a lot of upside on the table," he said. Scott Snyder, chief options strategist at TOS Advisors, a subsidiary of broker-dealer thinkorswim Inc, said some traders were pricing in a $15 move up or down -- which would be roughly 3 percent -- after the results, based on the values of their soon-to-expire October options. A ROSY PICTURE? October options go off the board on Friday after the close. "This pricing will most likely change as we get closer to the earnings day. Between now and Thursday there is still time for traders to position themselves," Snyder said. After Google released its second quarter results, its shares fell 3 percent. Google shares have risen roughly 79 percent since mid-March, outpacing the Nasdaq composite index's 68 percent rise and the Dow Jones industrial average's 51 percent gain. "Search will prove to be one of the first advertising mediums to benefit from an advertising recovery," wrote Credit Suisse analyst Spencer Wang in a recent note to investors, in which he increased his third quarter estimates. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Bordeaux is set for shake-up - wine magnate Magrez Also On Reuters Blog: Target eyes digital publishing Commentary: Dollar faces long journey downward Home rescue plan is delaying, not solving the crisis More Technology News Trading emotionally? 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