Even when the economic downturn has pillaged nearly every industry and sector of economy, Google has been able to create a ‘force field’ of savings and smart spending, thereby give itself and its shareholders some room to breathe.

Google today announced that its second quarter revenue has seen a steady growth since the last year. According to Google, it has been able to achieve this success due to fact that, some advertising sectors have seen a rush of investments and the company has been able to hold back on unnecessary expenses.

For its second quarter, Google has posted a total revenue of $4.07 billion, that does not include the commissions given to the advertisers. The newly posted figures are much better than of the same period last year and these figures are also a bit higher than many analysts had predicted.

Via conference call Google CEO, Eric Schmidt said,

“It demonstrates our resilience in what continues to be a very difficult environment. Google’s business appears to have stabilized. It’s too early for us to tell when the recovery will materialize…A quarter ago, we had no idea where the bottom was. It became clear starting roughly at Christmas that people were spending more time searching and when they were purchasing products they were purchasing products of less value. We’re not, at the moment, looking at the downward spiral we thought we would see six months ago ”

The second financial quarter that ended on June 30th 2009, saw a net revenue of $5.52 billion, that included the traffic acquisition costs, that recorded a 3% increase from last year. The commissions paid to the advertisers mounted to $1.45 billion, that counted to 27% of ad revenues.

According to ComScore, Google bagged 65% of the search industry, followed by Yahoo! With 19.6% and Microsoft with 8.4% of the search market.

Via Cnet.