Google Inc. (NASDAQ: GOOG) is out with its Q3-2010 earnings report.  The king of Internet search reported that earnings were $6.72 EPS but adjusted the figure was $7.64.  It also posted $5.5 billion in revenues.  Thomson Reuters has estimates of $6.67 EPS and $5.25 billion in revenues.  Google does not give guidance but for reference its next quarter estimates are $7.48 EPS and $5.77 billion in revenues.  The headline revenue before deducting traffic acquisition costs was $7.29 billion.

The big figure is that Google’s cash and equivalents grew sharply again.  That new balance is $33.4 billion.

The headcount grew again to 23,331 at 9/30 from 21,805 last quarter.

Google Sites revenues were $4.83 billion, or 67% of all revenues, and up 22% from a year ago.

Google Network revenues from partner sites were $2.20 billion, or 30% of total revenues, up 22% from a year ago.

International revenues were 52% of revenues again, same as before.

Paid clicks rose approximately 16% over the third quarter of 2009 and increased approximately 4% sequentially.

Cost-per-click rose 3% from a year ago and rose 2% sequentially.

Traffic Acquisition Costs shared with partners rose to $1.81 billion in the third quarter of 2010 versus $1.56 billion a year ago. TAC as a percentage of advertising revenues was 26% versus 27%  a year ago.

Google shares closed at $543.20 and shares are trading up about 7% over $580.00 in the after-hours session. We have so far seen more than 1 million shares cross hands after the close and we’ll be paying close attention to the morning trade.

JON C. OGG

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