Google earns $2.8B on strong revenue growth
The Google logo is seen at the Google headquarters in Mountain View, Calif. / Kimihiro Hoshino/AFP/Getty Images
(CBS/AP) Google's (GOOG) second-quarter earnings rose 11 percent despite a deepening decline in the prices paid for its Internet search advertising.
The results announced Thursday included Google's $12.5 billion acquisition of cellphone maker Motorola Mobility Holdings Inc. for the first time. Google Inc. owned Motorola for the final 39 days of the quarter ending in June.
Google Inc. earned $2.8 billion, or $8.42 per share, during the three months ending in June. That compared with net income of $2.5 billion, or $7.68 per share, last year.
"Google standalone had a strong quarter, with 21 percent year-on-year revenue growth, and we launched a bunch of exciting new products... in particular the Nexus 7 tablet, which has received rave reviews," said Google CEO Larry Page in a statement. "This quarter is also special because Motorola is now part of the Google family, and we're excited about the potential to build great devices for users."
The earnings would have been $10.12 per share, if not for Google's accounting costs for employee stock compensation and the Motorola deal.
Revenue climbed 35 percent from last year to $12.2 billion. If not for Motorola, revenue would have increased by 21 percent.
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