Google has posted its latest earnings report, and early indications suggest that investors are more than impressed, with shares of the company trading up more than $40 after-hours (about 7.5%).
The company posted revenue of $7.29 billion for its third quarter, representing 23% growth from the same period last year and about a 7% jump sequentially.
In a statement, CEO Eric Schmidt cited strength in areas the company has recently expanded – like mobile (AdMob) and display (DoubleClick) for some of the growth. "Our core business grew very well, and our newer businesses -- particularly display and mobile -- continued to show significant momentum,” he said.
The earnings report follows numbers released yesterday by IAB indicating that the online advertising market just completed its strong first half and its strongest quarter on record.
Google now has more than $33 billion in cash on hand -- $11 billion more than it had at its disposal last year despite its accelerated pace of acquisitions and renewed hiring of new employees.