Friday, 19 October 2007

Google surpass Wall Street expectations

After the long awaited forecasts on Wall Street for Google’s shares - after-hours of trading on Wall Street last night, the internet search giant unveiled a 46% surge in profits for the third quarter of the year. The performance surpassed ambitious Wall Street forecasts that had helped to lift Google’s shares by 19% over the previous four weeks.

Google’s chairman, Eric Schmidt, said “the group made $1.07 billion (£520 million) in profits after tax during the three months to the end of September, compared with $733.4 million (£366 million) for the same period the year before. Revenue jumped 57% to $4.23 billion (£2.1 billion), with the company beating Wall Street estimates in almost every quarterly period since it floated in August 2004 and has seen its shares increase sevenfold. “ Google gets paid every time someone clicks on an advert on its pages or one of its partners’ sites. It fields about 1.2 billion searches a day, four times as many as Yahoo!, its nearest rival. Google’s rely on the UK for 16% of its revenue during the quarter, about $661 million (£330 million). (source: Timesonline)

Flyglobespan, the Regional Airline, has had its ‘ETPOS’ flying licences suspended as a concern about its operations, with several of the Edinburgh services to North America been affected.

The 'ETOPS' licence, is the licence, which lets it fly over large expanses of water with two engines. The Civil Aviation Authority (CAA) said it is the first time in 15 years a UK operator has lost ETOPS approval, but the CAA refuse to specify the reasons as to why the licence had been suspended. A spokesman for Flyglobespan said that ETOPS approval has only been suspended on a temporary basis, and that this was because of an isolated problem with subcontractors. (source: BBC)

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