Google has reported "revenues of $5.19 billion for the quarter ended March 31, 2008, an increase of 42% compared to the first quarter of 2007 and an increase of 7% compared to the fourth quarter of 2007," says the company (or go here for the numbers). Net income rose from $1 billion to $1.31 billion.
According to Bloomberg, Google's shares jumped 17% and it said:
Profit beat Wall Street estimates by more than 30 cents a share, excluding costs from stock options. Analysts had used industry data that showed slowing growth in the number of clicks on Web advertisements to predict a slump in revenue in the US. Instead, international sales jumped 55% and finance chief George Reyes said the growth in clicks "remains healthy."
"I was expecting them to fall short," said Jerome Dodson, a portfolio manager at Parnassus Investments in San Francisco. "People said, 'Google can't keep defying the laws of gravity,' but it looks like Google is flying high again."
Google shares climbed strongly but, at $450-$455, they are still a long way below the $740 peak they hit last November.
Update: Seeking Alpha now has a transcript of the Google earnings call with analysts.
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