Google's Q1 earnings show continued ad growth

Google continues to demonstrate that an online advertising recovery is well under way, at least when it comes to search advertising.
For its fiscal first quarter, which ended March 31, Google on Thursday reported revenue of $6.77 billion, up 23 percent from the same period last year. Financial analysts evaluate Google's revenue performance by excluding traffic-acquisition costs paid to Google's partners, which totaled $1.71 billion. That puts net revenue at $5.06 billion, slightly ahead of analyst estimates of $4.95 billion for the quarter.

Net income was $1.96 billion, up 38 percent from last year's first-quarter net income of $1.42 billion. Excluding special one-time costs, that translates to $6.76 in earnings per share, as compared to analyst estimates of $6.60 in earnings per share.

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