On the same day that Microsoft unveiled its first-ever quarterly loss, Google filed record quarterly revenues of $12.21bn (£7.79bn) for its second quarter to the end of June.
Its revenues were up by 35 per cent compared with the same quarter in 2011. Profit growth, however, was more modest. The company posted net income of $2.785bn (£1.78bn) – up by just $280m (£179m) or 11.2 per cent.
However, with the contribution from its Motorola acquisition stripped out – which posted revenues of $1.25bn (£797.7m) in the quarter – Google's core revenues increased by a more modest 21.5 per cent. Total advertising revenues weighed in at $10.53bn (£6.72bn), with both Google's own websites and its network member website revenues increasing by about 20 per cent each.
UK revenues, excluding the impact of foreign exchange fluctuations and hedging, accounted for 9.9 per cent of the company's revenues at $1.2bn (£771.6m). However, taxes attributable to UK operations are channeled through Ireland to avoid higher UK corporate taxes. It paid corporation taxes totalling £8m on revenues of £6bn between 2004 and 2010, according to reports.
Google also has $15.4bn (£9.8bn) of cash and cash equivilents on its balance sheet – up by one-third in the past year.
Of the big names in technology and the internet, Google remains smaller than both Apple and Microsoft.
Apple will post quarterly revenues of about $40bn (£25.5bn) when it reports its third quarter results on 24 July. Microsoft's fourth quarter revenues, reported yesterday, weighed in at $18.06bn (£11.5bn).
However, Facebook's quarterly revenues were just $1.06bn (£676m) in the first quarter. It will unveil its second quarter revenues on 26 July.