Still shows licence to print money...
It’s clearly a recession when Google turns over fewer billions than before…
The company today reported its Q1 financial results with revenue hitting $5.51bn, a six per cent increase year on year but down three per cent compared to Q4 – the first ever quarter on quarter decline the company has suffered. Despite this Google still turned in huge profits of £1.4bn which was up from $1.3bn in Q1 2008 and a massive increase from the $382m in Q4.
“Google had a good quarter given the depth of the recession–while revenues were down quarter over quarter, they grew 6% year over year, thanks to continued strong query growth,” said Google 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. Going forward, our priority remains investing for the long term to drive future growth in our core and emerging businesses.”
Other notables? 52 per cent of Google’s revenue came from outside the US ($2.88bn) a slight rise on the 51 per cent reported during the same period last year and the UK brought in $733m of that.
Ultimately Google is rock solid, it’s the massively dominant player in technology’s most important market: Internet search and it has $17.8bn in the bank.