Hurley says YouTube has had 'two spectacular quarters'

Online video hub YouTube has had "two spectacular quarters" as the company's "costs continue to go down" and its revenues up, YouTube co-founder and CEO Chad Hurley told a news conference in Jerusalem. Declining to reveal financial specifics, Hurley said traffic is continuing to grow beyond a billion views a day and video is coming in at the rate of more than 24 hours every minute.

"We are not satisfied," he said. "We continue to feel we can build a better product -- better ways for partners to earn money on our site and generate revenues and better ways that advertisers can get in front of a global audience in more targeted and relevant ways."

Hurley said the dour economy has done little to hold YouTube back.

YouTube has made a series of announcements of late as the ubiquitous video destination has upscaled its product and added more premium content in the face of challenges from competitors struggling to even keep the company in sight.

Last month YouTube announced it would offer full 1080p Hi-definition video for any video and also began captioning a selection of its library with plans to expand that effort. It also announced two deals with television broadcasters in the United Kingdom, Channel 4 and Channel 5, to upload current and archived episodes of virtually the broadcasters' entire program offerings.

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