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Google posts record fourth quarter earnings

Annual revenues hit $50bn for the first time
Wed Jan 23 2013, 10:23
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INTERNET GIANT Google posted record fourth quarter earnings on Tuesday that surpassed analyst expectations, boasting a 36 percent increase in revenue.

Revenue for the quarter was $14.42bn, Google reported, up 36 percent from the $10.6bn the company posted the previous year. Google revealed that net income for the fourth quarter of 2012 was $2.89bn, compared to $2.71bn in the same period the prior year.

Most impressively, Google said it generated revenues of $50.18bn in 2012, up from $37.91bn in 2011 and marking the first time the firm has hit the $50bn revenue figure. For the full year, Google's earnings increased 10 percent to $10.74 billion.

Google CEO Larry Page was understandably chuffed. He said, "We ended 2012 with a strong quarter.

"Revenues were up 36 percent year-on-year, and eight percent quarter-on-quarter. And we hit $50bn in revenues for the first time last year - not a bad achievement in just a decade and a half.

"In today's multi-screen world we face tremendous opportunities as a technology company focused on user benefit. It's an incredibly exciting time to be at Google."

It's not all good news for Google though, as the firm's fourth quarter numbers reveal that Motorola Mobility is still losing money, a total of $353m during the quarter.

However, Google said it's looking to rectify this, revealing that it plans to release new Motorola devices and hinting that we could be seeing a Google branded phone at Mobile World Congress next month. µ

 

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