Google releases financial results

Quarterly profits are down, but search engine reports year-on-year growth of six per cent
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Google has announced its financial results for the first quarter of 2009, and although the results are mixed, the company says it was still a good quarter.

According to Pocket Lint, quarterly revenue stood at $5.51 billion, which was three per cent down when compared to the previous quarter but a comparison with the first quarter of 2008 sees growth of six per cent.

“Google had a good quarter given the depth of the recession - while revenues were down quarter over quarter, they grew six per cent year over year, thanks to continued strong query growth,” said Google’s CEO Eric Schmidt.

“These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online.”

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