Babylon teams with AdMob Google

The agreement for mobile ads follows Babylon's development of its translation app for smartphones.

Online translation company Babylon Ltd. (TASE:BBYL) has signed a cooperation agreement with AdMob Google Inc. for ads on mobile devices. The agreement follows Babylon's development of its translation app for Android-powered smartphones, iPhones, and Blackberries. Babylon added that it could not yet estimate its revenue from the new agreement.

Babylon also reported a three-fold increase in revenue and six-fold increase in net profit for the third quarter. Revenue rose 245% to NIS 198.3 million ($49.8 million) for the third quarter from NIS 57.5 million ($16.2 million) for the corresponding period in 2011. Net profit rose to NIS 31.5 million ($7.5 million) (NIS 66 per share) from NIS 5 million.

Cash flow from operations rose to NIS 48.7 million ($12.2 million) for the third quarter from NIS 3.9 million ($1 million) for the corresponding quarter. The company distributed dividend of NIS 50 million in the third quarter, leaving it with NIS 48 million in cash and equivalents at the end of September.

Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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