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Google sees record $1.6bn profit

Saturday, October 17, 2009 LOS ANGLES: Google has reported its highest quarterly profit, suggesting that the Internet advertising market is bouncing back from the recession. Google reported net profit of $1.64bn (£1bn) between July and September, up 27% on the same period a year ago. "The worst of the recession is clearly behind us," said Google chief executive Eric Schmidt. US computer giant IBM also reported strong profits of $3.2bn for the period, up 14% on a year earlier. The company also delivered a more optimistic forecast for full year earnings. Management said they too were seeing some stabilisation in the overall economic environment.
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