Google Reports Blowout Quarter (GOOG)

The early read on the Google (GOOG) third quarter results is that they blew past the Street’s numbers. Third quarter revenue of $2.69 billion compares to Street estimates of $1.81 billion. Pro forma operating profits of $2.62 a share beat the Street consensus of $2.42 a share. In fact, in both cases, the numbers beat the highest numbers on the Street.

The company also reported improving operating margins, which grew to 35% from 33% one quarter earlier. Revenue grew 14% sequentially from Google-owned sites, and 4% sequentially from Google ads on partner sites (Google AdSense.) Traffic acquisition costs declined to 31% of revenue from 32% one quarter earlier.

Google shares are up $30.76, or about 7%, to $456.82.

Editor's note: We'll post the GOOG conference call transcript right here when it's ready.