p2pnet.net News:- It’s almost like dot com all over again.

Google shares have rocketted to more than twice their public offering price after third-quarter profit, sales more than doubled and the company says its web advertising interests are doing well as demand for Web marketing grows, says Bloomberg News, going on:

"Prudential Equity Group said today the shares may rise as high as $200 and described the earnings as ‘blowout‘ results."

Revenue more than doubled to $805.9 million from $393.9 million and excluding ‘traffic acquisition costs,’ fees Google pays to other Web sites that display ads it sells, was $503 million, says Bloomberg.

But Computer Weekly doesn’t see things in the same, rosy light.

"Search engine Google has missed Wall Street’s earnings expectations for the quarter which ended on 30 September, its first quarterly financial report after launching its initial public offering," it says.

It also says, "Industry observers have pointed out that Google needs to broaden its scope to diversify its revenue stream and be in a better position to compete against rivals such as Yahoo, America Online and Microsoft. All three are moving aggressively to increase their share of the fast-growing and profitable sponsored search space."

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See:-

blowout - Google Shares Rise as Profit, Sales More Than Double, Bloomberg News, October 22, 2004

rosy light - Google misses earnings expectations, Computer Weekly, October 22, 2004

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