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Google on Wednesday reported that profits nearly tripled in the fourth quarter, as online ad revenue soared.
The Mountain View, Calif., company its said net income in the quarter ending Dec. 31 surged to $1.03 billion, or $3.29 a share, from $372.2 million, or $1.22 a share, during the same period a year ago. Revenues rose by 67% to $3.21 billion from $1.92 billion.
Analysts polled by Thompson Financial prior to the filing expected the online search engine to report earnings of $2.90 per share.
"Our impressive performance in the fourth quarter demonstrates the continuing strength of our business model across Google properties and those of our partners," Eric Schmidt, chief executive of Google, said in a statement. "Our growing organization allows us to deliver ever increasing amounts of information and content to our users both through investments in search and ads as well as through strategic partnerships."
Google-owned sites generated revenues of $1.98 billion, an 80% increase over the same quarter a year ago. Partner sites through Google's AdSense programs contributed $1.2 billion, or 50% more than a year ago.
Schmidt also noted that in 2007, Google expects to, "continue to make significant capital expenditures."