Google profits climb and annual record reaches fresh high

<p>Google’s profits have increased as the company’s revenues reach fresh highs.</p>

Google has posted a rise in profits, while its annual revenues have reached fresh highs thanks to its investment into and advertising research and development.

The search engine giant's net profit for the final quarter of 2012 was $2.9 billion (£1.8 billion), which is a seven per cent jump on the previous year. Revenues increased by more than one-third to $14.4 billion.

In the three months to the end of September, Google's profits took a knock, so the performance logged in the October-December period marked a return to profit growth with better-than-anticipated results.

Chief executive Larry Page commented: "In today's multi-screen world we face tremendous opportunities as a technology company focused on user benefit. It's an incredibly exciting time to be at Google."

Google's share price is likely to reflect this news when the Nasdaq opens later, but last night the company's shares slipped to $702.87 per unit.

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