Google had its third quarter financial report today and beat estimates of analysts with a 7% year over year growth with net income increase of 27% over same period last year, CNN Money reported.
Eric Schmidt, Google’s chief executive, on a conference call with investors said “while there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future.”
The stock price which had dropped about 1% during regular trading today jumped up by over 3% in after hour trading.
“Google’s strong third quarter could be a good sign for the economy, as the company’s ad clicks serve as a kind of barometer of consumers’ willingness to spend. The more people click on ads, the more willing they are to buy things,” CNN Money noted.
Schmidt also said Google will be “stepping up” hiring in the engineering and sales areas.