Internet stocks: Google takes off(Read article summary)
Internet stocks are doing well for Google. The company's internet stocks rose from $5.71 a share a year ago to $7.68 a share at the end of the second quarter.
Marcio Jose Sanchez / AP
Big quarter from the Googster ($GOOG) tonight, definitely what the Nasdaq needed to see.
Google Inc. (GOOG), owner of the world’s largest Internet-search engine, reported sales and profit that topped analysts’ estimates, a sign the company is benefiting from efforts to expand in mobile and display advertising.
Second-quarter sales, excluding revenue passed on to partner sites, rose to $6.92 billion, Mountain View, California- based Google said on its website. That topped $6.57 billion, the average estimate of analysts surveyed by Bloomberg. Net income gained 36 percent to $2.51 billion, or $7.68 a share, from $1.84 billion, or $5.71, a year earlier. Shares leapt in late trading.
Larry Page and Co are back to being an aggressive, quick-moving firm. Here's what The Street was most excited about:
Display market share should double from 4.5% in 2009 to almost 10%. Android is adding 550,000 activated devices a day and has double Apple's market share in smartphone OS. Google+ is a runaway freight train as well and is shushing the naysayers that said Google was only good at search (10 million users of + so far, very rapid adoption).
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