Google sees profits up 27% for third quarter

Google has reported their profits soared 27 per cent when compared to last year, recording a net profit of £1 billion for the third quarter.

Chief executive of the search engine Eric Schmidt said he believed the worst of the global financial crisis was now behind us.

He announced today that the firm had seen a seven per cent surge in revenue to over £3.64 billion, saying: 'While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future.'

The firm have weathered the financial crisis thanks to revenue from online advertising. Shares in the company were up around two per cent in after-hours trading.

Google's third-quarter results beat Wall Street expectations.