ADOTAS – Google shares have been spiking this morning after news that it fared better than Wall Street expected in the third quarter. While its growth rate did slow, it reported a 26% increase in net income, to $1.35 billion, from $1.07 billion in the third quarter of 2007. Its search advertising business fared especially well.
The Internet titan reported revenue growth of 31% year-over-year, raking in $5.5 billion. Google.com increased 34% to $2.7 billion and AdSense grew 15% to $1.7 billion. Paid clicks were also up – 18%. Google now controls 72.2% of search advertising dollars in the market, up a notch from 70.8% in the second quarter.
In opening trades, Google was up more than 5% to roughly $372.50. As of roughly 11:05 a.m., it was trading at $376.95.