Google released its highly anticipated third-quarter report a few minutes ago, and profit and revenue both climbed on a year-over-year basis. The Internet-search behemoth banked net income of $1.07 billion, or $3.38 per share, up from last year's results of $733.4 million, or $2.36 per share. Excluding items, earnings rose to $3.91 per share, surpassing the consensus analyst estimate of $3.78 per share.

Revenue for the period climbed to $4.23 billion, a 57% gain, while net revenue totaled $3.01 billion. Analysts were expecting net revenue of $2.94 billion.

Despite the positive earnings surprise, the shares have failed to surge. GOOG is up just about 1% at last check. Earlier today, David Gaffen noted in The Wall Street Journal's MarketBeat blog voiced that If there's one earnings report guaranteed to engender a massive reaction in its shares, it's Google. Disappointing earnings from Citigroup (C) and Bank of America (BAC) have contributed to a selling mood on the Street this week, though, which may be putting a damper on Google's immediate post-earnings reaction.

Plus, with October options expiring tomorrow, Google may yet see a major bounce in tomorrow's activity. Its Schaeffer's put/call open interest ratio of 1.20 is at an annual peak. As Gaffen said, With Google investors going ga-ga, anything's possible.