Google Inc. shares were up sharply late Tuesday after the search giant reported a surge in profit on strong advertising sales for the fourth quarter.
Google was up nearly 5% in after-hours trading after reporting a fourth-quarter profit of $2.89 billion, or $8.62 a share, compared with $2.71 billion or $8.22 a share for the year-earlier period. On a non-GAAP basis, the company reported a profit of $10.65 a share for the recent quarter.
Revenue minus traffic acquisition costs was $11.34 billion, up from $8.13 billion.
Analysts polled by Thomson Reuters on average expected the company to report a profit of $10.47 a share on revenue of $12.34 billion.