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 SAN FRANCISCO (AP) - Google Inc. co-founders Sergey Brin and Larry Page have always told Wall Street that positioning the Internet search leader to realize its long-term ambitions is more important to them than meeting the earnings expectations of shortsighted investors. Just in case anyone forgot, the company punctuated the point with its second-quarter results.
Propelled by the online advertising boom, Google said Thursday that revenue surged to $3.87 billion, up 58 percent from the same time last year — a gain that was slightly above analyst estimates.
But Google's profit margins narrowed as management ramped up spending to hire additional employees and buy more content for its Web sites. That left Google with a 28 percent increase in its second-quarter earnings, by far its slowest growth since becoming a public company in August 2004.
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