Google's social network, Google+ has now reached 10 million users. This is small compared to Facebook's 750 million users but Google+ is growing very fast. Google also reported that more then 1 billion items are being shared each day on Google+. I think Google+ will be able to compete and win against Facebook making it the top social network.
Here is a link for 10 reasons why: http://www.tiptoptens.com/2011/07/12/10-reasons-why-google-plus-is-better-than-facebook/
Google's net income has increased significantly as of recently up to 2.5 billion in the second quarter.