Google says its first-quarter profit climbed 30 percent to surpass analyst predictions. Its shares advanced 14 percent in after-hours trading...
SAN FRANCISCO — Google says its first-quarter profit climbed 30 percent to surpass analyst predictions. Its shares advanced 14 percent in after-hours trading to climb back over the $500 mark.
The quarterly performance, announced today after the stock market closed, may alleviate some of the economic worries that have hammered the Internet search leader’s stock this year. Google’s revenue rose 42 percent compared to a year earlier.
Google earned $1.31 billion, or $4.12 a share, for the first three months of the year. That compared with $1 billion, or $3.18 a share, to begin 2007.
Excluding expenses for stock-based compensation, Google says it made $4.84 a share. That easily exceeded the average estimate among analysts surveyed by Thomson Financial.
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Total revenue was $5.19 billion, compared with $3.66 billion last year. After subtracting the commissions paid to the company’s advertising partners, Google’s revenue stood at $3.7 billion — about $100 million above analyst estimates.
Google’s shares have dropped 35 percent this year.