Google sees profits almost double

Internet search giant Google has confirmed its ongoing market domination by announcing that its third quarter profits have almost doubled.

During the three months until the end of September, its net income was $733m (£390m), a 92% increase on the $381m it made in the same time last year.

With advertising sales soaring, Google's revenues rose 70% from a year ago to $2.7bn.

The figures comes a week after Google bought YouTube for $1.65bn.

'Ongoing strength'

"Our third quarter results are a testament to the strength of our network of advertisers and partners, as well as our continuing focus on users," said Google chief executive Eric Schmidt.

The difference between Google and the second and third place players has become enormous Analyst Tip Chowdhry

Google's latest financial results beat market expectations.

"These guys just continue to kill it," said analyst Tim Boyd of Caris & Co.

"The number one question is what can [they] do with YouTube and how quickly it can have an impact."

Shares up

Fellow analyst, Tip Chowdhry said Google's earning power now towered over its search engine rivals such as Yahoo, MSN and Ask.

"The difference between Google and the second and third place players has become enormous," he said.

Google's shares rose 7% in after-hours trading in New York.

According to industry figures, it has a 45% share of the US search market, compared to Yahoo on 28% and Microsoft's MSN on 12%.