Google grows revenue 23 percent in Q1

15.04.2010
Google grew its revenue and profit in its first fiscal quarter, exceeding Wall Street expectations and prompting the Internet company to express a commitment for "heavy investment" in its core and newer businesses.

Google's revenue hit US$6.77 billion in the quarter, ended March 31, up 23 percent compared to the first quarter of 2009. Subtracting commissions and fees paid to its advertising network and other partners, revenue was $5.06 billion.

Net income came in at $1.96 billion, or $6.06 per share, compared to $1.42 billion, or $4.49 per share, in the first quarter of 2009, the company said on Thursday.

On a pro forma basis, which excludes certain one-time items, net income was $2.18 billion, or $6.76 per share, compared to $1.64 billion, or $5.16 per share, in the first quarter of 2009.

The consensus estimate from financial analysts polled by Thomson Financial had been for Google to report revenue minus commissions of $4.95 billion and pro forma earnings of $6.60 per share.