Google is set to grow revenue from mobile searches and display to £0.6bn, the search engine giant revealed in its Q3 results yesterday.
Announcing the results, Google CFO Patrick Pichette said Google is seeing 'very strong
growth' in emerging businesses such as mobile.
Speaking to analysts following the company’s Q3 results, Jonathan Rosenberg,
senior VP of product management, said that mobile search queries have increased
500% over the past two years.
Google CEO Eric Schmidt added that income from mobile
search is eventually going to surpass that on PCs, creating a huge revenue
Schmidt also commented on the growing number of new app stores opening up
for Android apps, such as the recently launched Verizon VCast. He insisted they will
not pose a competitive threat.
He also revealed Google Instant - the company's
new intuitive search service - is coming to mobile devices ‘sometime
Schmidt outlined Google’s Android strategy. He defended Google’s decision to make Android
an open platform. He said Google’s preferred model was for handset makers and
operators to make money from selling the phones, whilst Google generate
revenues from the services it provides on the platform.
Google outpaced analysts’ predictions with its Q3 results showing gross
revenue up 23% year-over-year, to £4.58 billion. International businesses
(outside of the US)
accounted for 52% of sales, and total net income increased 32% to £1.36 billion,
compared to £1.03 billion in the third quarter of 2009.
The company also added 1,500 employees during the quarter, bringing the
total number of staff to 23,331. Following the report, Google's shares rose 8.9%
in after-hours trading to £369, after ending at 4pm yesterday at £339 on the
Nasdaq Stock Market.