The internet search engine Google has released its first set of results since the company floated on the stock market two months ago. Shares in the firm have risen seventy percent since the offering.
This report from Louise Cooper:
Sales for the three months to September more than doubled from last year to eight hundred and five million dollars. That was better than most analysts had expected. The growth was due to the fees Google collects from web search advertising.
Investors will be pleased with these figures and delighted with the share price performance. Only two months ago, there was much criticism of the way the founders, Sergey Brin and Larry Page, organised the floatation and interacted with Wall Street. But shareholders who believed in their vision have now been rewarded.
The six-year-old company is valued at around forty billion dollars. Given the amount of sales and profits Google produces, the company is highly valued. This shows investors are assuming many years of strong growth. Wall Street could still be disappointed if Google fails to live up to those high expectations.
Louise Cooper, BBC
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