Google delivers good news to investors as profits and revenues grow
GOOGLE has announced profits of $2.89bn and plans for a much-anticipated a stock split.
Revenues of $10.65bn were also reported by the company for the year ended March in much improved performance levels compared with last year.
A new class of voting stock will be given out to shareholders as dividends, Google co-founder Larry Page said.
He added: "Google had another great quarter,"
"We also saw tremendous momentum from the big bets we've made in products like Android, Chrome and YouTube."
Following the stock split, the original co-founders will stay in command at the firm.
"We have protected Google from outside pressures and the temptation to sacrifice future opportunities to meet short-term demands," Page and Sergey Brin said in a letter to investors. "We have a structure that prevents outside parties from taking over or unduly influencing our management decisions," they added.
Google's stock price has soared since an IPO in 2004 but the strong results come at a time when some analysts are questioning valuations in the technology industry with some fearing the techie bubble might burst.
""We need to ensure that Google remains a successful, growing business," Page said. "This proposal will only have an effect on governance over the very long term."
Yesterday, Google announced that over 170 million people have signed on to Google+ and its Chrome browsing software has topped 200 million.