Google Releases Q1 Earnings
Google reported earnings earlier today. They reported revenues of $2.25 billion for the quarter, a 17% increase over the previous quarter, and a 79% increase year-over-year. Operating income was $743 million, up from $570 million the previous quarter, while net income was $592 million, up from $372 million. Earnings per share were $1.95, up 73 cents from three months previous.
Traffic aquisition costs were $723 million. Google’s own sites brought in $1.3 billion, while Google Network (AdSense) sites generated $928 million. This means Google’s sites had a 97%(year-over-year)/18%(previous quarter) increase, while AdSense sites went up 59%/16%. This continues the trend of the AdSense program underperforming the rest of Google’s operation.
Google’s tax rate was 27% for the quarter. Google has $8.43 billion in cash, not including $2.07 billion raised in a stock offering and $1 billion spent on AOL. Google has 6,790 employees, hiring 1,110 people in three months.
Wall Street seems happy, pushing the stock up $32.30 in after-hours trading, to its highest level since early February.
