Google reports double-digit growth in revenue, profits

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Mountain View, Calif.—Google reported that gross revenue grew in the second quarter of 2010 to $6.82 billion, up 23.6% over the $5.52 billion logged in the second quarter last year, driven largely by a resurgence in paid search spending.

Earnings rose to $1.84 billion for the three months ended in June, up 24.3% from the $1.48 billion in income posted in the year-earlier period. The company reported capital expenses for the quarter of $476 million, double what it reported last year in the period.

According to an Efficient Frontier report released this week, search expenditures in the U.S. surged 24% in the second quarter compared with last year, partly due to a recovery in cost-per-click prices, which rose across all major search engines.

Google reported that its cost per click for the quarter rose 4% over the prior year, and 2% over first quarter levels.

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