Search engine giants Google announced financial results for the quarter ending September 2004, and what an announcement !
Google reported record revenues of $805.9 million for the quarter ended 30th September 2004, up 105% over last year.
Income from operations was $11.1 million for the quarter, compared to $66.6 million. Income from operations includes the effects of a non-recurring, non-cash charge of $201.0 million related to the previously announced settlement of warrant and patent disputes with Yahoo!
Without this non-recurring charge, Google would have realized income from operations of $212.1 million for the quarter, compared to $66.6 million in the prior year's quarter. The non-recurring items are the settlement charge and its associated tax benefit, as well as a reduction to our provision for income taxes related to certain stock-based compensation charges recognized prior to the IPO.
Net cash provided by operating activities for the nine months ended 30th September 2004 totaled $608.9 million as compared to $308.9 million last year during the same period, an increase of 97.1 percent.
Eric Schmidt, Google CEO said,
"We are very pleased with the results of this quarter. Record revenues, robust margins and cash generation all illustrated strong performance and execution over the last quarter. Our commitment to users and to the development of quality products and services for them clearly translated into robust financial results. That dedication to our users, combined with our relentless technology innovation and market opportunity make us very optimistic about our company's future."
Another liquidity measure increased turnover by approximately $44 million to $321 million in Q3 from $278 million in Q2.
Good news for everyone who was able to buy in to the recent Google IPO.
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