Google posts surprise earnings despite weak US economyApril 18th, 2008 - 7:10 am ICT by admin
New York, April 18 (DPA) Google Inc reported a 30-percent jump in first-quarter earnings Thursday to $1.31 billion, allaying fears that the internet search engine leader was struggling with the effects of a US economic slowdown. Revenue also climbed 42 percent to $5.19 billion, with more than half its sales coming from outside the US, the company said after market close.
Google’s shares shot up more than 11 percent in after-hours trading as the earnings report beat analysts’ estimates.
“People said ‘Google can’t keep defying the laws of gravity,’ but it looks like Google is flying high again,” Jerome Dodson of Parnassus Investments told Bloomberg News.