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Google announced the results for another stellar quarter today. Second-quarter net income rose 110 percent to US$721 million from US$343 million a year earlier. Revenues increased 77 percent to US$2.46 billion. Google's financial performance was highly anticipated, given the softness of other Internet sector stocks, including eBay and Yahoo!. The tech-heavy NASDAQ edged higher before the Google announcement. Yesterday, Yahoo!'s stock dropped nearly 22 percent, the largest one-day decline ever, and announced that its ad upgrade, dubbed Panama, will be pushed back from Q3 to Q4. According to comScore Networks, Google sites in June hosted 2.9 billion searches, while Yahoo!’s search engine hosted 1.8 billion queries.

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