Thank Google!
Apr 17 2008
Who was worried? Internet advertising and search giant blasts through forecasts.
Now we know. Google is good to go, go, go.
The internet advertising giant shredded worries about a decline in the number of people clicking on its text ads by posting a 42 percent jump in revenue in the first three months of the year compared with the same quarter a year earlier.
Revenue in the first quarter of 2008 rose 7 percent from the fourth quarter of 2007, the company said. Earnings climbed more than 8 percent over that period.
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That $4.84 hit targets that analysts had set in January, before news of slower click-through growth led them to cut their estimates to $4.52 this week, according to Thomson Financial.
Google shares rocketed by 10 percent in the minutes after the better-than-expected results were released.
Google reported revenue of $5.19 billion for the quarter ended March 31. Net income rose to $1.31 billion in the quarter from $1.21 billion in the fourth quarter of 2007.
Aggregate paid clicks increased about 20 percent over the first quarter of 2007 and roughly 4 percent over the fourth quarter of 2007, Google said.
