Google just keeps on truckin’. The Internet powerhouse posted results yesterday that show advertisers haven’t completely cut their spending — at least not on search.
Excluding one-time charges, profit was $5.10 a share, beating the average analyst forecast of $4.95 according to Reuters Estimates.
Revenue rose 18 percent to $5.7 billion — a shadow of the 50 percent growth levels that Google used to enjoy, but considered by analysts to be a robust performance given the weak economy and corporate cutbacks in advertising spending.
But CEO Eric Schmidt also took pains to keep investors, analysts and the press realistic about the world today: “Now clearly we’re in a worldwide recession as everybody knows, rising unemployment, foreclosures, that sort of thing,” he said on a conference call. “But we don’t know how long this period will last. We obviously hope it will be short.”
Shares of Google were up more than 4 percent in early trade, and analysts offered mostly upbeat responses to the earnings despite Schmidt’s caution.