The Week: City news - Google reports rise in profit

Google has reported a 17 per cent rise in profits to $1.2 billion (£602 million) for the fourth quarter of 2007, well below the 46 per cent rise of the third quarter.

Google blamed the problem of generating ad revenue from its social networking sites for the results, which were below analysts' expectations and caused its share price to fall by almost 9 per cent.

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