google sales up by 92%

[jess1]

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Source (IMRG)
Google has announced total revenues during 2005 reached $6.139 billion, an increase of 92.5% on revenues of $3.189 billion in 2004. The internet giant said revenues for the quarter ending 31 December 2005 were up 86% from the previous year, reaching $1.9 billion. However, this figure is well below analysts predictions.

The company's share price dropped by almost 12% following the announcement, to $381, after it reported earnings of $1.54 a share. Analysts had predicted an average figure of $1.77 a share. Google's share price fell by over $50, wiping some $20 billion off the company's market valuation.

Google said its growth was hit by higher than expected taxes, together with unfavourable foreign exchange rates and a decrease in international revenues, particularly in the UK.

Eric Schmidt, CEO of Google, said: "We are very pleased with our results for the fourth quarter as we achieved excellent performance across our businesses. We generated significant revenue growth in our core search and advertising business, driven by continued strength in traffic and monetisation. We will continue to invest significantly as we develop innovative new products and as we extend our core technologies to new user access points and to different channels."

[3wdl]

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