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Google reports strong Q1 results

News Article - Monday, April 21, 2008 11:03
Filed under: Industry news
Google has reported strong results for quarter one (Q1) of this year, announcing revenues of $5.19 billion (£2.6 billion).

The results show a 42 per cent increase on the same period last year and a seven per cent rise from the previous quarter.

Eric Schmidt, the chief executive officer of Google, said the company was "pleased" with what he described as "another strong quarter".

He added that the purchase of DoubleClick earlier last month was "immaterial" to revenue.

Google has grown by over 2,000 employees since the previous quarter, but job losses in the DoubleClick group are expected.

Explaining the rise in revenues, Mr Schmidt said: "Paid click growth has been much higher than has been speculated by third parties."

Of the revenue, Google-owned sites created $3.40 billion in Q1, meaning a 49 per cent increase since last year.

Network revenues created $1.69 billion, with international sales rising by 47 per cent on last year, to $2.65 billion.

Google's results were higher than expected, with many analysts thinking the results would be sluggish due to slow online advertising.
Adfero/Onestopclick.com
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