Google profits up 26 per cent

Google has defied analysts by posting increased third quarter profits.

The search giant reported a 26 per cent jump in profits, with the company´s revenue increasing by 31 per cent to $5.54 billion (£3.24 billion).

According to the Washington Post, the announcement by Google will provide support for the company´s belief that online advertising will side-step the economic downturn.

Google chief executive Eric Schmidt told the news provider the firm was planning on keeping "a close eye on costs" as the credit crisis continues.

"We are in uncharted territory," he added.

Meanwhile, Facebook founder Mark Zuckerberg told the Times that profit for the popular social networking site was not put before providing a good service.

He told the news provider: "The goal of the company is to help people to share more in order to make the world more open and to help promote understanding between people."

Mr Zuckerberg claimed if the company could achieve this goal then everyone can be financially rewarded.