Google announces Q1 earnings: $8.58 billion gross revenue, $2.3 billion net income

Well, it looks like Larry Page had a bit of good news and some bad news to deal with on his first quarterly earnings call as CEO of Google. The company has just reported $8.58 billion in gross revenue for the first quarter of 2011, which represents a 27 percent increase over the first quarter of last year, but is actually a bit less than analysts were expecting. That figure doesn’t include the company’s traffic acquisition costs, however, which totaled $2.04 billion for the quarter and bring the company’s actual revenue down to “just” $6.54 billion. Net income for the quarter was $2.3 billion, which represents a more modest gain from $1.96 billion in the first quarter of 2010. Also cutting into profits was Google’s operating expenses, which were up 33 percent to $2.8 billion — a sizable chunk of which went to the nearly 2,000 new employees that the company hired during the quarter. Head on past the break for company’s full earnings report. Continue reading Google announces Q1 earnings: $8.58 billion gross revenue, $2.3 billion net income Google announces Q1 earnings: $8.58 billion gross revenue, $2.3 billion net income originally appeared on Engadget on Thu, 14 Apr 2011 17:14:00 EDT. Please see our terms for use of feeds . Permalink

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