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YouTube actually close to making a profit

Google, unsurprisingly, making lots of money
Google, unsurprisingly, making lots of money

Google posted a three per cent increase in revenue in the second quarter of the year, which equates nicely to $5.52 billion.

This essentially means that if anyone is lucky enough to have a share in the company, then you should be receiving $5.05 per share.

Eric Schmidt, Google's CEO, is obviously happy with the results saying in a statement: "We had a good quarter. Google's business appears to have stabilized despite the still-weak economic environment."

Very pleased

Like a naughty kid who finally got a gold star at school, YouTube has gone up in Google's estimation profit-wise, with the search giant hoping (praying, more like) that the video-upload site will start bringing in the cash soon.

"YouTube is now on a trajectory that we're very pleased with," explained Schmidt.

This was backed up by the words of Google's Chief Financial Officer Patrick Pichette, who also noted: "We're really pleased both in terms of [YouTube's] revenue growth, which is really material to YouTube, and... in the not long, too-long-distant future, we actually see a very profitable and good business for us."

Via MacWorld and IT Pro