Google is up over 13% in after hours trading on the great earnings announced last night.

That is the start of the earnings release. You can sure tell Larry Page is interested in Google+ success.

More significantly, Google web site revenue up 39% increase over second quarter 2010 revenues of $4.50 billion. Google Network Revenues (Google’s partner sites, through AdSense programs), $2.48 billion, which was 28% of total revenues, in the second quarter of 2011 (up 20% from 2010 – good, but, Google up 39% on their own sites is amazing).

GAAP earnings per share increased 35% compared to 2010. Margins did decrease, but not a huge amount: and less than many feared (Google continues to invest large amounts in future prospects).

Those are great results anytime. When you remember that money in saving accounts get less than 1% now that type of growth is even more impressive. And when you consider how large Google is now it is even more impressive. Apple is achieving similarly impressive growth as a huge company – but it is very rare.

Google ended the last quarter with over $39 billion in cash. I do think they should pay a dividend (I worry they will feel pressure to spend the cash they have and due to the large amount of cah make some foolish decisions). I continue to own Google stock. And it is the largest holding in my 12 stocks for 10 years portfolio.

Related: Google’s Earnings Grow 17%, but Investors Unhappy (last quarter) – Google Posts Good Earning But Not Good Enough for Many – Great Google Earnings (March 2007)

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