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Google shares up over 4% after better-than-expected Q4 earnings

Shares in Google rose over 4% after the Internet search engine giant announced surprising earnings for the fourth quarter and record annual revenues.

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The Google logo at the company's headquarters in Mountain View, California. (KIMIHIRO HOSHINO/AFP/Getty Images)

Shares in Google jumped more than four percent on Tuesday after the Internet search engine giant reported a seven percent rise in fourth-quarter net profit and record revenues for the whole of 2012.

Net income reached nearly $2.9 billion during the last quarter of 2012, compared with $2.7 billion in the previous year, which did not include Motorola Mobility, the Associated Press reported.

The earnings were better than analysts had expected. According to Reuters, the fourth quarter is typically the strongest for Google.

Revenues rose by more than a third to $14.4 billion, taking full-year revenues to a record $50.2 billion, the BBC reported. 

"We ended 2012 with a strong quarter," Google chief executive Larry Page was quoted as saying.

"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."

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http://www.globalpost.com/dispatch/news/regions/americas/united-states/130122/google-shares-quarterly-earnings