With the stock market crashing and Google’s shares at the lowest point they have seen in a few years, Revenues for the third quarter of 2008 remain high. The quarter ending Sept 30 saw total revenues reaching $5.54 billion.
After paying out commissions and crunching the figures, the end result comes in at $4.04 billion, $10 million less than the expected $4.05 billion.
So while the value of their shares may be plummeting, Google, at least for now, appears to be recession proof. In many ways this is not surprising. As consumers are getting tighter with their money and businesses are struggling to make ends meet, boosting up advertising spend online to try and grab what shoppers are out there bodes well for Google.
Google shares closed at $372.54 Friday, down about $5 from opening.