Spending on internet advertising is increasing, Barclays Capital has said.

The company’s internet analyst said that Google is now trading at 12x ’09 pro forma EPS.

Quoted in Forbes, Barclays Capital internet analyst Douglas Anmuth said the sell off in Google shares has however been overdone, adding it is time to buy the stock.

He went on to say: "The bad news is being taken into account."

In other news, Google has launched SearchWiki, billed to offer users "more control over their search experience".

Features in the new service include the ability for users to add, delete, or re-sort results – which will create a list of finds that are customised to their needs, something people looking at search engine optimisation may find interesting.

Last month, Google announced two changes to its rank advertisements and Quality Score, according to its AdWords blog.

Google said ads in high positions would be made more visible to users, along with a progression in the way adverts will show in the yellow section above search results.

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