Google's revenue grows as it looks to spend

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Google has returned to growth, with revenue climbing seven per cent revenue this quarter to $5.94 billion the web giant's best quarterly growth since 2007.

Net income rose to $1.64 billion from $1.29 billion last year.

"Google had a strong quarter we saw seven per cent year-over-year revenue growth despite the tough economic conditions," said chief executive Eric Schmidt in a statement.

"While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future."

In the first quarter of the year, Google's revenue fell, while it held steady last quarter.

Time to buy

The firm has plans for all that cash, saying it plans to make "significant capital expenditures."

In a conference call yesterday, Schmidt said: "We're open for business in making strategic acquisitions, both large and small."