Anyone looking for signs that the recession may be coming to and end can find them in Google’s recent profit report. The search giant has reported record profits for a quarter, with a net profit totalling $1.64 billion. That’s over £1 billion in the Queen’s money.
This profit reflects an increase of 27% on Google’s profit for Q3 2008, proving that businesses are starting to spend more on online advertising on systems such as Google Adwords.
Google pulled in a total revenue of $4.38 billion, over three times the predicted revenue of $1.29 billion.
Eric Schmidt, the chief executive of Google, believes that the increased profit shows that the financial fortunes of the global economy are changing:
The worst of the recession is clearly behind us.
Because of what we have seen, we now have the confidence to be optimistic about our future.
Google was predicted by analysts to be one of the very first companies to witness the economic downturn changing as businesses put their faith in Google for advertising.
You should be warned though; one Google profit boost does not a summer make.