Google sees profits surge to $2.73bn

Internet giant Google has revealed profits surged 26% in the third quarter, with net income jumping from $2.17bn to $2.73bn year on year.

The search engine giant, one of the largest companies on the planet, beat expectations to deliver profits well ahead of analysts forecasts. Revenue also jumped 33% to $9.72bn, with the group noting its mobile phone revenue had climbed to $2.5bn annually, now accounting for about 7% of total revenues. Shares rose 6% in after hours trading in reaction. Major holders of the tech giant in the US are BlackRock and Fidelity, while the £1.5bn Threadneedle American fund run by Cormac Weldon has the stock in its top 10 holdings.