Schmidt: Worst of recession is over; Google is hiring

Summary:The search giant beat analyst expectations for the third quarter, and is 'confident about investing heavily in our future'

Google exceeded Wall Street's expectations for the third quarter by reporting net income of $1.88bn, or $5.89 per share, on revenue of $5.94bn, up seven percent from the same quarter a year ago.

Excluding traffic acquisition costs, Google's revenue was $4.38bn (£2.69bn). Wall Street analysts had been expecting earnings of $5.42 a share on revenue of $4.24bn. Adjusted for expenses, the company reported a net income of $1.64bn, or $5.13 per share.

In a call with analysts, chief executive Eric Schmidt said that the worst of the recession is behind us and that the company feels "confident about investing heavily in our future". And the first investment will be in people: Google is stepping up its hiring across the company but particularly in engineering and sales, executives said during the call.

Find out more about Schmidt: Worst of recession is over; Google is hiring on ZDNet.com.

Topics: Networking

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