Google beat earnings and revenue estimates for the third quarter, sending the stock soaring back above $900 a share in after hours trading.
The search giant reported earnings of $10.74 per share on revenue of $14.89 billion for the September quarter, beating Wall Street estimates for earnings per share of $10.34 on revenue of $14.8 billion.
“Google had another strong quarter with $14.9 billion in revenue and great product progress,” Larry Page, Google's CEO, said in a statement. “We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device.”
The number of paid clicks on Google ads increased by 26% year-over-year and 8% from the previous quarter, but the average price advertisers pay Google per click continues to decline. Google's cost-per-click decreased 8% from the same quarter a year earlier and 4% from the second quarter.
The company's stock has hovered around $900 in the months since its last earnings report. As of publication, the stock had jumped nearly 6% to more than $940 after hours, after having ended the trading day at $888 a share.
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