Despite Thursday’s earnings report debacle that sent shares of Google (NASDAQ:GOOG) crashing down 8 percent, Chief Executive Larry Page insisted there was some reason to smile about his company’s fiscal third quarter.
On an earnings call Thursday afternoon, Page expressed his pleasure with Google’s mobile growth. Google’s new run rate for mobile business is over $8 billion per year, which includes revenues generated from advertisement and content and apps purchased by users.
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“That’s quite a business,” Page remarked.
And he’s right. Not only is $8 billion obviously a large number, it more importantly indicates substantial growth in Google’s mobile business. Just one year ago, the tech giant was on a mobile advertisement run rate of $2.5 billion per year.
After the sharp decreases during Thursday trading, Google shares are slightly up about .7 percent after hours.