Google (NASDAQ: GOOG - News) 's share price soared late on Thursday, rallying 25 per cent from its low point of the day, as the internet search company's latest quarterly earnings proved resistant to the wider downturn in advertising markets.

Google's pro forma earnings, excluding stock compensation costs - the basis on which most analysts assess the company - rose to $4.92, ahead of Wall Street's consensus forecast $4.81. Revenues net of traffic acquisition costs rose to $4.04bn, broadly in line with most forecasts.

In a statement issued before a conference call with analysts, Eric Schmidt, chief executive officer, said the latest quarter had seen "strong traffic and revenue growth across all of our major geographies thanks to the underlying strength of our core search and ads business." He added that Google was "realistic about the poor state of the global economy" but said the company would continue to be managed for the long term.

Relief that Google's core search advertising business had performed well in a slowing economy prompted a relief rally that drove the company's shares above $380 in after-market trading. At one point earlier in the day they had fallen below $310, their lowest point in nearly three years.