The slowing U.S. economy did not seem to slow down Google, which reported a surprisingly strong surge in first-quarter profit Thursday.<\/p>\n
Google's net income jumped 31 percent to $1.31 billion and revenue swelled 42 percent to $5.19 billion compared with the same period last year.<\/p>\n
The report trumped many Wall Street analysts, who had reduced their forecasts for Google's growth based on third-party research that suggested fewer people were clicking on Google ads.<\/p>\n
“Google has completely silenced the cynics,” said Jeffrey Lindsay, a senior analyst with Bernstein Research.<\/p>\n
In a conference call with analysts, Chief Executive Eric Schmidt said Google was still not feeling the drag of the struggling U.S. economy. Google executives made similar statements in January.<\/p>\n
“It's clear to us that we are well-positioned for 2008 and beyond, regardless of the business environment we find ourselves surrounded by,” Schmidt said.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
The slowing U.S. economy did not seem to slow down Google, which reported a surprisingly strong surge in first-quarter profit Thursday.<\/p>\n
Google's net income jumped 31 percent to $1.31 billion and revenue swelled 42 percent to $5.19 billion compared with the same period last year.<\/p>\n
The report trumped many Wall Street analysts, who had reduced their forecasts for Google's growth based on third-party research that suggested fewer people were clicking on Google ads.<\/p>\n
“Google has completely silenced the cynics,” said Jeffrey Lindsay, a senior analyst with Bernstein Research.<\/p>\n
In a conference call with analysts, Chief Executive Eric Schmidt said Google was still not feeling the drag of the struggling U.S. economy. Google executives made similar statements in January.<\/p>\n
“It's clear to us that we are well-positioned for 2008 and beyond, regardless of the business environment we find ourselves surrounded by,” Schmidt said.<\/p><\/blockquote>\n