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Google Q1 profit up 17.5%, but stock drops

15 April 2011 07:41 (UTC +04:00)

Baku - APA-Economics. Google beat Wall Street expectations for first quarter revenue Thursday but missed on earnings, sending its stock down about 5 percent in after hours trading, San Jose Business Journal reported.

Buoyed by higher prices paid for its online advertising, Google posted net income of $2.30 billion, with earnings of $7.04 a share, up from $1.96 billion, or $6.06 a share in the same period last year.

Mountain View-based Google (NASDAQ:GOOG) had $8.58 billion in revenue, a 27 percent increase over the year-ago quarter.

Excluding items, Google would have earned $2.64 billion, or $8.08 a share, compared to $2.18 billion, or $6.76 a share.

FactSet Research said that the analysts it polled expected Google to report earnings excluding one-time items of $8.14 a share on $6.3 billion in net revenue.

Google-owned sites generated revenue of $5.88 billion, or 69 percent of total revenues, a 32 percent boost.

Revenue from outside of the United States totaled $4.57 billion, representing 53 percent of total revenue.

On a worldwide basis, Google employed 26,316 full-time employees as of March 31, 2011, up from 24,400 full-time employees as of Dec. 31, 2010.

New CEO Larry Page officially took over April 4 while former CEO Eric Schmidt moved into his new role as executive chairman.