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The online giant grew revenues for the second quarter by 3 per cent to $5.52 billion, with net revenues, after paying costs to other sites that carry its advertising, reaching $4.07 billion.

Google’s click rates grew by 15 per cent during the quarter, down from 17 per cent growth in the first quarter.

Cost per click, the amount of revenue generated by each click, declined by 13 per cent.

However, Google’s chief executive, Eric Schmidt, indicated that there were signs that an end to the downturn is in sight and that its YouTube video site would eventually move into profit, though he declined to put a date on when this will happen.