Google had good Q1, CEO says
Investors agree, pushing stock higher in after-hours trading
Last Updated: Thursday, April 16, 2009 | 5:31 PM ET
CBC News
Google Inc. had "a good quarter," despite the recession, chief executive Eric Schmidt said Thursday as the top internet search provider released financial results.
Profit for the three months ended March 31 rose to $1.42 billion US ($4.49 a diluted share), up from $1.31 billion ($4.12) a year earlier.
Revenue was $5.51 billion, compared with $5.19 billion.
Schmidt attributed the gains to continued strong query growth.
The company said Google-owned sites generated 67 per cent of revenue, while network revenues generated by partner sites through AdSense programs accounted for 30 per cent. Licensing and other items accounted for the rest.
Revenue fell three per cent from the final quarter of 2008.
Google reported after the Nasdaq market closed. In regular trading, it closed $9.24 higher at $388.74.
In after hours trading, it added another $13.67 to $402.41 by 4:45 p.m. ET.
Paul Thornton, vice-president of the private client group at investment dealer Global Maxfin Capital Inc., told CBC News that the after-hour rise was an indication of how investors liked companies with rising revenue and profit.
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