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Dublin: 9 °C Friday 24 October, 2014

Google’s revenue hits $50 billion for the first time

It’s good news for Google: the internet titan has reported rising profits and its highest revenue ever for 2012.

Image: AP Photo/Paul Sakuma/file

GOOGLE HAS REPORTED that its annual revenue topped $50 billion for the first time last year, as the Internet titan reported rising profits.

“We ended 2012 with a strong quarter,” said Google co-founder and chief executive Larry Page. “We hit $50 billion (€37.5 billion) in revenues for the first time last year; not a bad achievement in just a decade and a half.”

The fourth quarter profit was up 6.7 per cent from a year earlier at $2.89 billion, and for the full year Google’s earnings grew 10 per cent to $10.74 billion.

Revenue in the quarter that ended 31 December was up 36 percent from the same period a year earlier at $14.4 billion.

For the year, revenues grew 32 percent to $50.2 billion, helped in part by the acquisition of Motorola Mobility.

Google shares jumped more than 3.5 per cent to $730.03 in after-market trading that followed release of the earnings figures, which topped most Wall Street estimates.

Google dominates the US digital advertising market, which grew 14.9 percent to $10.58 billion in the final three months of last year, according to eMarketer.

The market tracker estimated that Google takes in more than 41 per cent of digital ad revenue in the United States and “holds more share than any other company” when it comes to online, display and mobile advertising.

- © AFP, 2012

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