MediaFile

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.

It’s inauguration day – and that means media will be going all out. From wires to newspapers to TV and radio, correspondents will be covering every possible angle of the event. And they won’t have a problem finding an audience.

The Hollywood Reporter writes that this could be the most widely viewed inauguration in U.S. history, surpassing the 42 million who watched Ronald Reagan’s first swearing in.

Like everything surrounding the 2008 presidential campaign, the inauguration of Barack Obama dawns with broadcast media swinging for the fences. Not only are the usual suspects bringing their A teams, but cablers as diverse as BET, TV One, Al Jazeera and ESPN are offering live coverage of Obama’s swearing-in. MTV will focus on inaugural coverage in the evening.