Google to grow again after Q3 sales boost

Chief financial officer: "Let's build now"
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Chief financial officer: "Let's build now"

Google is set to resume hiring and making acquisitions after its third-quarter sales figures reached $4.38 billion.

According to Bloomberg, Google’s sales excluding revenue passed on to partner sites were up 8.4 per cent on the same period last year.

Google’s chief financial officer, Patrick Pichette, told Bloomberg that large customers increased ad spending on the site last quarter. He added that as the economy is improving, the search engine company can now begin investing again after making job cuts and closing underperforming businesses earlier this year.

“We weathered what is an incredible recession,” Pichette said. “If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”

Google’s net income rose 27 per cent to $1.64 billion, from $1.29 billion a year earlier.

“We’re going to invest,” CEO Eric Schmidt reportedly said on a conference call. “That, I think, ultimately is good for the long term of Google.”

Schmidt added that acquisitions would mostly be of smaller companies that could help with advertising or search technology. Big purchases will be rare, he said.