Q1 brings nothing but good news for Google
Results almost absurdly healthy
Google has reported a near-six hundred per cent increase in profit for the first quarter, with net income of $369.2m, up from $64m a year ago. The company said advertising sales almost doubled in the period, thanks largely to increased business outside the US. Revenue was $1.26bn for the quarter, up 93 per cent on the year.
More than half the revenue ($657m, or 52 per cent of the total) came directly from Google-owned sites. The remainder came from syndicated advertising. Revenue here rose 75 per cent in the quarter, reaching $584m. The company paid out $462m to these partners, up from $271m in 2004.
Profit margins were also up year-on-year. For the quarter ending 31 March, Google said income on a GAAP basis accounted for 35.2 per cent of revenue, compared with 23.8 per cent a year ago.
Shares in the company rose almost $11 on the back of the news.
You can read the full release here. ®