Business
Google Reports High Profit
Search engine giant Google reported that the company enjoyed higher profit during the Christmas season, thanks to advertisers boosting their spending to reach more shoppers online.
Google’s profit for the fourth quarter grew to US$10.65 per share. The tech giant said advertisers invested more money for online advertising and promotions.
According to ComScore, the e-commerce industry in the US increased some 14 percent for November and December 2012. The investment was in anticipation of shoppers going online to find the best deals.
S&P Capital IQ analyst Scott Kessler said it also helped that the holiday shopping season stretched longer than expected. This benefitted Google significantly because advertisers, such as retailers, went online to advertise.
In the latest trading, Google share increased and closed at US$702.87.