Google Makes Huge Comeback In 1Q

Google Inc.'s first-quarter financials bounced back considerably from a disappointing January 31st fourth-quarter report that sent stock prices into a tailspin. At the closing bell Thursday, Google reported a profit increase of 60 percent, returning to its usual flogging of analyst estimates. Google raked in a net income of $592.3 million, or $1.95 per share, up from $369.2 million and $1.29 per share from a year ago. Revenue skyrocketed for the quarter ending March 31st, rising 79% to $2.25 billion. Take out affiliate websites, that leaves Google with net revenue of $1.53 billion, crushing the leading $1.44 billion analyst projections. "Google had an exceptional quarter with strong growth and profitability, from both Google properties and the network," said Eric Schmidt, CEO of Google. "We are driving this growth through investments in our infrastructure and our people, product innovations that attract new users, and relationships with advertisers and partners around the world. The strength of our business model gives us the opportunity to invest in our business, allowing us to maintain and grow our market leadership." Google also crushed analyst predictions in terms of profit. Excluding stock-based compensation costs, the search giant delivered $2.29 a share, 32 cents above analyst forecasts. At the closing bell, Google shares rose $4.50 to $415, still well below the record $475 stock price recorded before their disappointing fourth-quarter report. Thirty-one out of 38 analysts currently have