Globally recognized search engine giant Google has announced that their net income for the third quarter surged 26 per cent to $2.73bn, up from $2.17bn in the same period the previous year.
Recently, Google launched their own social network Google+ as a rival for the king, Facebook, and “people are flocking into Google+ at an incredible rate” according to head of Google, Larry Page.
Mr Page, one of the co-founders of Google, replaced Eric Schmidt as the CEO back in April of this year.
These recent profit figures are well ahead of market expectations, and shares in the company have risen by 6 per cent in trading after the market closed.
“The real interesting thing here is the expenses weren’t as high as the Street was anticipating,” commented analyst for UBS, Brian Pitz. “This is the fourth quarter in a row the company has accelerated their revenue on top line.”
Revenue for the company rose 33 per cent to $9.72bn – making it just shy of a having a quarterly turnover of $10bn.
Mr Page announced that Google “had a great quarter. Google+ is now open to everyone and we just passed the 40 million-user mark.”
However, it will still take a lot of catching up to rival the 800 million users that Facebook has amassed in the 7 years since its launch.
However, social networking is not the only thing that Google is making money on. They still amount a large sum of money each year through advertising based on their search engine, and their mobile phone operating system, Android, is proving to be a very popular alternative to Blackberry or Apple’s systems.
In related news, Google look set to launch their version of iTunes in the very near future.
If Google+’s success is anything to go by, Music Beta looks to be a strong contender in the fight for dominance over the music industry.
This will be put in direct competition with Amazon MP3 which, like Music Beta will allow users to store music online, rather than storing files on their PC. This allows them to listen to their music from any computer or enabled device (running android).
And with Apple having sold well over 10bn songs since its launch, this could result in a further increase in the profits for Google and further increase their grip on the technology sector.