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News Story
Google's strong Q1 results send stock price up 18%
By Ottawa Business Journal Staff
Fri, Apr 18, 2008 8:00 AM EST

Yet another technology superstar surprised analysts with higher-than-expected profits and revenues, this time the popular search engine company Google Inc.

The Mountain View, Calif.-based company said first-quarter net income grew by roughly 30 per cent to US$1.3 billion or $4.12 per share, while sales excluding revenue going to partner sites rose by 46 per cent to $3.7 billion.

Excluding costs from stock options, Google's profit was $4.84 a share, beating analysts' expectations of $4.52. The news sent the company's stock surging by 18 per cent after the close of the Nasdaq, with Google's pre-market stock price reaching $529.05 Friday morning.

If the stock continues to rise in regular U.S. trading Friday, it would mark the largest advance in its price since its 2004 initial public offering.

The company expanded its dominance of the search engine market in February, with its share of worldwide web searches growing to 63 per cent from 62 per cent in its fourth quarter, with international sales accounting for most of Google's gains. Overseas revenues, which rose by 55 per cent year-over-year, accounted for 51 per cent of revenue in the first quarter, up from 48 per cent in the fourth quarter.


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