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SEARCH AND DESTROY

By
Holly Ware
Published Oct. 17, 2008, 8:39 a.m. ET

Google’s search business remains a bright spot in an otherwise dismal ad market after the company reported third-quarter results that topped expectations.

The Web giant said profit rose 26 percent and revenue jumped 31 percent as the company shrugged off the slumping US economy. The results, which Google reported yesterday after the bell, sent the stock up 9 percent in late trading, to about $380. The shares closed at $353.02 in regular trading.

Most analysts expected Google’s core search business to hold up better than other forms of online advertising, such as display ads like Web banners. In tough times, it makes sense for marketers to stick to search and other forms of “performance-driven” advertising that can be tracked and measured, they said.

Still, several analysts lowered their forecasts for Google ahead of the report, reflecting concerns that search wasn’t immune to the broader slowdown.

Google, which traded as high as $747.28 a share in November 2007, has lost more than half its value this year. Analysts said investors will be watching the company closely in the fourth quarter for signs of trouble.

“The economic situation is so fluid that we’re all in for an uncertain situation,” Google CEO Eric Schmidt conceded in a conference call with analysts to discuss results.

While Google said it saw weakness in some categories, such as home lending, auto financing and real estate, executives said the company may actually benefit from tight-fisted consumers who search more in hopes of saving more, calling it “the Wal-Mart effect.”

Google said profit rose to $1.35 billion, or $4.24 a share, up from $1.07, or $3.38 a year earlier. Excluding the cost of stock options and other items, profit was $4.92 a share, beating the consensus estimate of $4.79.

Revenue rose 31 percent to $5.54 billion, up from $4.23 billion a year earlier. Excluding commissions paid to ad partners, revenue was $4.04 billion, roughly in line with analysts’ expectations.

Earlier this month, Google and Yahoo! agreed to another delay in implementing their proposed search ad pact, to give antitrust officials more time to review the deal. Under the agreement, Yahoo! would show some ads sold by Google alongside its search results in exchange for a cut of the revenue.

When the companies first announced the deal in June, the said they would hold off implementing it for more than three months while the Justice Department conducted its investigation.

“We’re hopefully nearing the end of the period,” Schmidt said during the call. “We’re obviously in communication with the Justice Department.” [email protected]