Google's income grows by a third as it claims 40 million Google+ users

INTERNET ADVERTISING BROKER Google announced that it raked in just shy of $10bn in the third quarter of 2011.

Google's third quarter financial results showed that the company is continuing to beat the recession, with revenue reported at $9.72bn, a 33 per cent increase from the same quarter in 2010. Profit also grew to $2.73bn, a 25 per cent increase from the previous year.

Laced among the financial figures were Google CEO Larry Page's comments that its new social network, Google+, has managed to pick up 40 million users. Page said, "Revenue was up 33 per cent year on year and our quarterly revenue was just short of $10 billion. Google+ is now open to everyone and we just passed the 40 million user mark. People are flocking into Google+ at an incredible rate and we are just getting started!"

Google revealed that advertising revenue had grown, with its Adsense business bringing in $2.6bn, an 18 per cent increase from the previous year. This flies in the face of AOL's recent slump in advertising revenue, which it blamed on thinning margins.

Google has $42.6bn in cash and said that it expects to make "significant capital expenditures". In recent months the firm has spent vast amounts to bolster its patent portfolio, and is in the middle of buying Motorola Mobility for $12.5bn.

Page's comments regarding Google+ subscriber figures highlight just how important it is for the company to develop a successful social network. Google+ is the best hope for Google to continue to grow its advertising revenue. µ