Google earnings ’silenced the cynics’
Posted by Draqos on
April 19, 2008
The slowing U.S. economy did not seem to slow down Google, which reported a surprisingly strong surge in first-quarter profit Thursday.
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.
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.
“Google has completely silenced the cynics,” said Jeffrey Lindsay, a senior analyst with Bernstein Research.
