Google sees 37% increase in revenue, shares up by 6% in Q3

According to Reuters, Google has reported a 37 per cent increase in revenue and a 26 per cent increase in its profit in the third Quarter of 2011. Shares of Google rose to $594.01 in extended trade after closing 1.91 per cent higher on Nasdaq. 

The stock is off nearly 8 per cent from its 52-week high of $642.96 on concerns about the growing regulatory scrutiny facing the company as well as fears that spending would spiral out of control as Google steps up competition with Apple Inc and Facebook.

The company is plowing money into its fast-growing mobile business which competes with iPhone-maker Apple. Google's Android mobile software, already the world's most-used smartphone platform, is gaining momentum. It powers 190 million devices, up from 135 million in mid-July.

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