In chilly ad economy, search giant still comes through with earnings ahead of analysts' expectations.
In every recession there are companies that seem almost immune. Almost.
Google (NASDAQ: GOOG) today reported the first quarterly drop in revenue in the company's 10-year history, posting $5.51 billion in total revenues, off 3 percent from the mark of $5.7 billion the search giant turned in the previous quarter.
Amid a frosty ad market, Google's earnings topped analysts' already-lowered expectations, and CEO Eric Schmidt maintained that the company is well-positioned with its core search-advertising business.
«;Google had a good quarter given the depth of the recession — while revenues were down quarter over quarter, they grew 6 percent year over year, thanks to continued strong query growth,» Schmidt said in a statement. «These results underline both the resilience of our business model and the ongoing potential of the Web as users and advertisers shift online.»
« We're still basically in uncharted territory,» he said later on a conference call with analysts. «No company is recession proof. Google is absolutely feeling the impact.»
While growth has slowed considerably, Google's balance sheet is still comparatively healthy. The company posted a quarterly profit of $1.42 billion, or $4.49 per share, a 9 percent increase from the same period the previous year.
Google posted non-GAAP earnings of $5.16 per share, ahead of the $4.93 analysts were looking for according to polling by Thomson Reuters.
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