Internet giant Google continued to shrug off the worst effects of the recession, announcing today that it had seen an 18% increase in profits for its last financial quarter.
In its latest financial results, the Californian technology giant posted net profits of $1.48bn (£901m) for the three months to the end of June, on the back of revenues of $5.52bn (£3.36bn). While that marks just a 3% increase in revenues on the same period of 2008, net profit rocketed by 18% – up from $1.25bn for the second quarter of last year.
The increases, achieved through what it called “responsible efforts to manage expenses”, marked a surprise boost for the company which has so far managed to ride through the depths of the worldwide economic crisis.
“Google had a very good quarter, especially given the continued macro-economic downturn,” said chief executive Eric Schmidt in a statement. “We remain focused on investing in technical innovation to drive growth.”
