Reporting from San Francisco —
Google Inc. beat Wall Street expectations Thursday as earnings rose 32% with a resurgent wave of businesses spending more on advertising to lure online consumers.
The better-than-expected third-quarter results quieted concerns that the Internet search giant was wasting time and money on futuristic projects from windmills to automated cars as it faces rising competition from Facebook Inc., the world’s most popular social networking site.
“Google is back,” BGC Partners analyst Colin Gillis said. “Google is showing that it is able to be Google and still deliver results.”
Shares closed down $2.37 at $540.93 but climbed nearly 10% in extended trading, after Google released its results.
Full Story: Google earnings outpace forecasts – latimes.com
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