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Google income drops 68% |
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| Fri, January 23 2009 | 2:31AM | PermaLink |
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Google said Thursday that its net income in the fourth quarter dropped 68 percent from a year earlier on one-time charges as the deepening recession slowed growth of its online advertising business.
Google's results were above with analysts' expectations, which were lowered significantly in recent weeks. The one-time charges masked an otherwise good quarter for Google.
Google is the largest seller of online ads, but its results are not necessarily indicative of the overall health of the market. Google's revenue comes primarily from small text ads that appear next to search results. Those ads represent the fastest growing form of online advertising. Since marketers use those types of ads to attract customers to their Web sites, rather than to promote their brand or image, analysts believe they tend to be the last cut in a recession.
Internet companies that rely to a larger extent on display advertisements, including Yahoo, are expected to perform worse than Google. Yahoo will report financial results on Tuesday.
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