To counter declines in cost-per-click rates, Google rolled out in February a service to help advertisers market through a mix of smartphones, tablets and desktops.
The J.P. Morgan analysts said this drive was a major opportunity for Google in the upcoming holiday season.
Analysts also highlighted Google's ability to generate revenue from its video-streaming website, YouTube.
YouTube branded video-ads grew more than 75 percent in the quarter, from a year earlier, with 40 percent of traffic now coming from mobile devices.
"We estimate that Google's key YouTube asset generated approximately $4 billion in revenue in 2012, positioning Google extremely well for the strong growth in video advertising,'' RBC Capital Markets analysts wrote in a note.
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Analysts at Jefferies said Google is best positioned to benefit in mobile with one billion Android activations. The company sells applications and content through its Google Play Store.
The Mountain View, Calif.-based company—known for its Google Maps service, Chrome browser and Nexus line of smartphones and tablets—reported a 32 percent jump in revenue from the rest of world (excluding UK) during the quarter with growth coming from Japan, South Korea and Australia.
"Google should be a good play off any European and Emerging Markets recovery,'' analysts at RBC Capital markets said.
"We think the worst is behind Google from a sentiment perspective,'' Deutsche Bank analysts said.