Google profits nearly double
Google Inc.’s third-quarter profit nearly doubled in the latest demonstration of the Internet search leader’s phenomenal financial firepower.
The Mountain View-based company said Thursday that it earned $733.4 million, or $2.36 per share, for the three months ended in September. That compared with net income of $381.2 million, or $1.32 per share, at the same time last year.
If not for expenses to cover employee stock compensation, Google said it would have earned $2.62 per share — well above the average estimate of $2.42 per share among analysts polled by Thomson Financial.
Revenue for the period totaled $2.69 billion, a 70 percent increase from $1.58 billion last year.
“Idaho Independent Bank reported improved third-quarter earnings of $2.94 million, a 41 percent increase over the same period in 2005. Earnings per share were 98 cents, compared with 69 cents for the third quarter of 2005. For the first nine months of the year, Idaho Independent reported earnings of $8.2 million, compared with earnings of $5.23 million for the first nine months of 2005.
“The Coca-Cola Co. reported a 14 percent jump in third-quarter profit Thursday, aided by sales gains in Europe tied to World Cup soccer promotions and growth in emerging markets but the company said it was not satisfied with its efforts in Japan and North America. The overall results beat Wall Street expectations.
Its shares rose 92 cents, or 2.1 percent, to $44.88 at the close of trading on the New York Stock Exchange.
“EarthLink Inc. said Thursday it swung to a loss in the third quarter as the Internet service provider lost money on a wireless joint venture and saw subscribers drop.
The results sent shares of EarthLink tumbling 62 cents, or 8.22 percent, to close at $6.92 on the Nasdaq Stock Market, after hitting a new 52-week low of $6.65 earlier in the session.
EarthLink posted a quarterly loss of $3.2 million, or 2 cents per share, compared with a profit of $36.4 million, or 27 cents per share, during the same period last year.
“Travelers packed planes operated by Continental Airlines and Southwest Airlines over the summer, but Continental’s third-quarter profit grew while Southwest’s earnings fell in another sign that traditional carriers are narrowing the gap with low-cost rivals.
Investors pushed up shares of Continental, while Southwest’s stock fell 3 percent after Thursday’s reports.
“Premium coffee sales, more 24-hour restaurants and accelerated momentum in Europe all helped McDonald’s Corp. report a 15 percent increase in third-quarter earnings Thursday.
The earnings, which were in line with McDonald’s preliminary results released last week, extended a 3 1/2 -year string of progressively stronger results for the world’s largest fast-food chain. McDonald’s worldwide comparable sales for the quarter posted their biggest increase in two years at 5.8 percent.
“UPS Inc., the world’s largest shipping carrier, reported Thursday its profit rose 8.9 percent in the third quarter, beating Wall Street expectations. It announced it is cutting 1,200 jobs in its air freight and logistics business.
The company’s chief financial officer also said UPS is looking forward to “a good holiday season.”
Its shares rose $2.84, or 3.9 percent, to $75.25 at the close of trading on the New York Stock Exchange.