Google doubles Q3 revenue to $1.58bn

The global success story continues

Google has reported third-quarter revenues of $1.58bn, representing an increase of 96 per cent year-over-year and 14 per cent relative to the previous quarter. 

Net income grew 11 per cent year-over-year to $381m in the quarter ending 30 September.

The summer months are traditionally slow for internet traffic and search queries, but Google has offset the drop by increasing advertising sales and signing up new partners for which it handles web advertising.

The collection of Google websites, including Gmail and the Google search engine, accounted for 56 per cent of total revenues. Partner websites generated 43 per cent of the company's revenue.

Sales inside the Google network are growing at a faster rate than partner advertising. Google made payments of $530m to these partner websites, which includes sites that sign up to the Google AdSense programme.

Corrected for these traffic acquisition costs Google's revenue came to $1.05bn, beating analyst expectations.

Google's main rival Yahoo also beat analyst expectations with its quarterly financial results. 

The internet portal reported revenues of $1.33bn (up 47 per cent year-over-year) and net income of $253.8m (up 17 per cent). Corrected for traffic acquisition costs Yahoo's revenue would be $932m.