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Google Q1 Earnings Mostly Positive
Google has once again surprised analysts and investors by beating expectations in the first quarter of 2009.
Google reported revenues of $5.52 billion for the quarter, an increase of 6 percent compared to the first quarter of 2008, but a decrease of 3 percent compared to the fourth quarter of 2008.
Estimates of earnings per share were in the $4.90 to $4.95 range, Google posted earning per share of $516 beating Wall Street analyst's expectations. Paid clicks were up three percent over the fourth quarter of 2008.
"Google had a good quarter given the depth of the recession -- while revenues were down quarter over quarter, they grew 6% year over year thanks to continued strong query growth. These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online," said Eric Schmidt, CEO of Google.
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