Google announces Q3 earnings

Google has released its third quarter earnings results.

Google reported revenues of $5.54 billion for the quarter ended September 30, 2008, an increase of 31% compared to the third quarter of 2007 and an increase of 3% compared to the second quarter of 2008.

"We had a good third quarter with strong traffic and revenue growth across all of our major geographies thanks to the underlying strength of our core search and ads business. The measurability and ROI of search-based advertising remain key assets for Google," said Eric Schmidt, CEO of Google. "While we are realistic about the poor state of the global economy, we will continue to manage Google for the long term, driving improvements to search and ads, while also investing in future growth areas such as enterprise, mobile, and display."

On a conference call for investors a Google spokesperson described a busy quarter with lots of announcements including Google Chrome and the T-Mobile G1 Android phone.

When questioned on the current market, Google admitted that search queries regarding stocks, gold and the market crisis had increased significantly.

Google's share price shot up nearly 7% in after hours trading at the time of writing this report.

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