Now that's how you make a profit!

Google just released their 3rd quarter earnings today, after the bell. Their third quarter profit increased (now get this) sevenfold to $381 million, or $1.32 a share. Excluding one-time charges, Google earned $437 million, or $1.51 a share. Analysts were looking for eps of $1.37. I'd say they beat that estimate. Sales for the third quarter grew to $1.578 billion, which is the first time their sales has exceeded the billion dollar mark.

Analysts are already applauding Google, with Goldman Sachs' Anthony Noto noting, "Based on these results, estimates for 2006 will likely lead to an implied value that is slightly above the aggressive scenario we provided of $398 [a share]." Before earnings were released, Google ended today's trading down $5.40 to $303.30. By the time after hours trading ended, shares hit a new 52-week high of $335.75.

If Goldman Sachs is right, it's current price is still a discount to it's implied value.