Google sees a sharp rise in first-quarter earnings

Internet giant Google has reported a sharp rise in first-quarter earnings, the first figures with co-founder Larry Page back at the helm as boss.The world’s leading search engine reported $6.54bn (£4bn) in net revenue in the first quarter, up 29% from $5.06bn the same time a year ago.Google has about a 65% share of the US search engine market and about 90% in Europe.The firm said it would continue “to invest for the long term”.Announcing the results, Patrick Pichette, Google chief finance officer, said: “These results demonstrate the value of search and search ads to our users and customers, as well as the extraordinary potential of areas like display and mobile.” see:Google Profit Misses Estimates on Hiring, Marketing Costs; Shares Decline
Google Inc., the largest Internet- search company, reported profit that missed estimates after spending more on hiring and marketing amid mounting competition with Facebook Inc. and Apple Inc. The shares fell 5.2 percent.First-quarter net income climbed 18 percent to $2.3 billion, or $7.04 a share, from $1.96 billion, or $6.06, a year earlier, the company said on its website today. Profit excluding some items was $8.08 a share, below the average $8.12 analyst estimate compiled by Bloomberg. Costs Slow Google’s Profit
Spending on Salaries, Expansion Sends Expenses Up 54%, Outpacing Sales GainsLarry Page, Google Inc.’s new leader, has said he wants the company to be nimble. That is turning out to be expensive.The Internet search giant on Thursday reported an 18% profit increase and a 27% jump in revenue, as money continued to flow into Internet advertising.But what stood out was Google’s surging costs as the Mountain View, Calif., company seeks to stay ahead amid an increasingly competitive and fast-changing Silicon Valley scene.

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