No surprises here that Google
is doing very well
: the company's revenue and net income rose in Q1, largely thanks to increases in the usage of its search engine services and online advertising sales.
Revenue came in at $2.25 billion, a 79 per cent increase compared with 2005's first quarter. Excluding the commissions Google pays to websites in its ad network, revenue was $1.53 billion, exceeding the $1.44 billion consensus expectation from analysts.
Net income reached $592.3 million, or $1.95 per share, up from $369.2 million, or $1.29 per share. On a pro forma basis, which excludes certain one-time items, net income was $697 million, or $2.29 per share, exceeding analysts' consensus $1.97 per share.
Company executives feel that the success has been due to Google's continued investments in its infrastructure and on technology development. An increase in Google's services has meant that more advertisers are drawn to the growing audience the company is able to provide.