Google topped Wall Street expectations as it reported Q1 earnings, with revenues up 42% to 5.19 billion bucks and net income rose 30% to 1.55 billion. The Internet search giant said ad clicks were up 20% and executives insisted that the weak economy has not hurt its business. The good news sent Google’s stock higher on Friday, erasing some of its recent declines.
In his quarterly conference call with analysts, Google CEO Eric Schmidt said the company had looked at the issue very carefully and had not found an impact on its revenues from the softening economic trends. “Our conclusion is that we’re well positioned, should economics change, to continue to do well because our model is so targeted – and targeted advertising does well in pretty much most scenarios,” Schmidt insisted.