Web search leader Google continued its phenomenal run of earnings growth Thursday, reporting a rise in profits of 69%.
The Silicon Valley company said profits were $1 billion, or $3.18 a share, up from $592 million, or $1.95 a share, in the same period a year ago. The Q1 results showed revenue at a record $3.66 billion, an increase of 63% from $2.25 billion last year. The company has now exceeded earnings expectations in all but one of its 11 quarters as a public company. „The global growth of our core search and ads business and our focus on building our partnerships drove our strong results in the quarter,” said Google CEO Eric Schmidt. „We continued to expand our worldwide footprint, adding important new partners and growing our platform.”
The Google results came just a day after one of its main competitors, Yahoo, reported a net profit drop of 11% as it continued to lose ground to Google. Google had 48% of US search queries in the Q1, up from 42% a year earlier, with Yahoo at 28% and Microsoft's 11%, according to Comscore. The company is expected to pocket three-quarters of the money spent on paid search in the US this year, according to a new report from research firm eMarketer. „As long as they can dominate their core business, I just don't know if anything matters as much right now,” portfolio manager Mark Demos told Bloomberg News. (monstersandcritics.com)