Google results below expectations

| July 16, 2010 | 0 Comments
Google results below expectations

US search engine giant, Google, has reported second quarter net profit of $1.84 billion (£1.2 billion) - a rise of 24% on the $1.48 billion reported in the same period a year earlier.

Meanwhile, revenue for the three months ending June came in at $6.82 billion - also a sharp rise on the $5.52 billion reported a year ago.

However, the results missed analysts expectations and shares in the company fell more than 4% in after-hours trading.

The California-based company dominates the search engine market with almost two-thirds of the US market and around 90% in Europe.

Commenting, Google chief executive Eric Schmidt, said the company experienced a strong second quarter.

“We saw strength in every major product area, as more and more traditional brand advertisers embraced search advertising and as large advertisers increasingly ran integrated campaigns across search, display, and mobile,” he said.

“We feel confident about our future, and plan to continue to invest aggressively in our core areas of strategic focus,” added Schmidt.

The results come just a week after the Chinese Government renewed Google’s licence to operate in the country and followed a long-standing dispute between the two.

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