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Internet stocks: Google takes off

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Marcio Jose Sanchez / AP

(Read caption) Attendees await the morning keynote address at the Google IO Developers Conference in San Francisco in this May 11, 2011 file photo. Internet stocks blossomed for some companies, such as Google, during the second quarter.

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Big quarter from the Googster ($GOOG) tonight, definitely what the Nasdaq needed to see.

Here's Bloomberg:

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).

Read more highlights below.

Source:

Google Tops Estimates, Shares Surge on New Ads (Bloomberg)

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