Defying Wall Street concerns that it might be vulnerable to a slowdown in Internet ad sales, Google today reported a 30% increase in profits for the first quarter.
The online search giant reported first-quarter net income of $1.31 billion, compared to $1 billion for the same period last year.
“Our ongoing innovation in search, ads and [applications] helped drive healthy growth globally across our product lines, yielding another strong quarter for Google,” Google CEO Eric Schmidt said in a statement. “As we integrate DoubleClick into our advertising platform, we see exciting new ways to improve the user experience and increase value for our advertisers and partners.”
The company reported revenue for the quarter of $5.19 billion, up 42% from the same period a year ago.
The company did not break out revenues from YouTube or from online video.