Google shares surge on strong earnings

October 15, 2010

, NEW YORK, Oct 15 – Google shares surged on Wall Street on Friday after the Internet search giant reported strong quarterly earnings.

Google shares were up 10.01 percent to 595.10 dollars minutes after the opening bell.

The Mountain View, California-based Google on Thursday reported a 32-percent leap in net profit to 2.17 billion dollars and a 23-percent surge in revenue to 7.29 billion dollars, beating the expectations of Wall Street analysts.

In a bid to demonstrate the company can generate revenue from something other than search advertising, Google for the first time on Thursday released revenue figures for its online display and mobile ad businesses.

Google is on track this year to take in 2.5 billion dollars from display advertising and more than a billion dollars from ads on mobile devices, according to senior vice president of product management Jonathan Rosenberg.

"Our core business grew very well, and our newer businesses — particularly display and mobile — continued to show significant momentum," Google chief executive Eric Schmidt said.

Display ads are essentially online billboards as opposed to promotional links served up with search results.

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