Google has reported revenues of $6.77bn for the first quarter of 2010, an increase of 23% compared $5.5bn for the same period last year.
The Mountain View, California-based company has posted an operating income of $2.49bn, or 37% of revenues, compared to an operating income of $1.88bn, or 34% of revenues, for the same period a year ago.
For the quarter ended March 31, 2010, the company reported a net income of $1.96bn, compared to $1.42bn for the corresponding period last year. The earnings per share was $6.06 on 323 million diluted shares outstanding, compared to $4.49 in the first quarter of 2009 on 317 million diluted shares outstanding.
During the quarter, the company incurred a charge of $291m related to stock-based compensation (SBC), while the tax benefit related to SBC was $65m.
Google-owned sites generated revenues of $4.44bn, or 66% of total revenues, an increase of 20% compared to revenues of $3.69bn in the same period last year. Google partner sites revenues through AdSense rose 24% from first quarter 2009 network revenues of $1.64bn.
Geographically, revenues from outside of the US totalled $3.58bn, representing 53% of total revenues, while revenues from the UK totalled $842m, representing 13% of total revenues for the first quarter of 2009. The company recognised a benefit of $10m to revenues through foreign exchange risk management program.
Patrick Pichette, CFO of Google, said: “Google performed very well in the first quarter, with 23% year over year revenue growth driven by strength across all major verticals and geographies. Going forward, we remain committed to heavy investment in innovation – both to spur future growth in our core and emerging businesses as well as to help build the future of the open web.”
