Google has reported revenues of $15.96bn for the second quarter of this year, a 22% increase on the same period last year.
Net income was up 6% to $3.42bn, which translates into $6.08 earnings per share, which was below analysts' predictions of $6.23 per share, according to analytics firm FactSet.
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Strong demand for Google's advertising helped boost revenues above the expected $15.61bn, but did little to inspire investors who were looking for more profit, pushing Google’s share price up by just 1% in after-hours trading.
Patrick Pichette, chief financial officer of Google, said the company is moving forward with “great product momentum”.
But despite Google’s product innovation, advertising is still the main driver of revenue.
According to eMarketer, Google will own 31.45% of the global digital advertising market by the end of 2014, 7.79% more than nearest rival Facebook.
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Google also announced that chief business officer Nikesh Arora is leaving to join partner SoftBank as vice-chairman and chief executive of internet and media.
Arora, who has been with Google for 10 years, will be replaced initially by Omid Kordestani, Google's business founder and former sales team leader.
In a webcast, Google said it continues to invest in areas such as constructing datacentres and buying real estate, and has plans for projects abroad in locations including Ireland and London.
Google is also hiring more staff, with an increase of 2,240 in the second quarter bringing its worldwide workforce to 52,069.