Google Stock Soars

Shares of Google, which have fallen 13% this year, rose 9% in after-hours trading on Thursday.

Jonathan Rosenberg, who oversees Google's entire product portfolio, told analysts on a conference call that the company's display advertising unit is now a $2.5 billion business, on an annualized basis. Android's revenue is at $1 billion a year, extropolating from the most recent quarter's results.

Rosenberg also said that YouTube is making money on its more than 2 billion video views per week.

Emerging businesses helped Google far exceed Wall Street's financial estimates for the quarter.

The world's online search leader said its third-quarter net income rose to $2.2 billion, or $6.72 per share, up 32% from a year earlier.

Results included one-time charges totaling 92 cents per share. Without the charge, Google said it earned $7.64 per share. Analysts polled by Thomson Reuters, who typically exclude one-time items from their estimates, forecasted earnings of $6.69 per share.

Sales for the Mountain View, Calif., company rose 23% to $7.3 billion. Excluding advertising sales that Google shares with partners, a figure also known as "traffic acquisition costs," the company reported revenue of $5.5 billion, which topped analysts' forecasts of $5.3 billion.

Though its new businesses are growing, search remains the most crucial component of Google's financial results. An increase in both the number of clicks on advertisements on Google's sites and the amount advertisers paid for those clicks helped drive the past quarter's gains.