Google suffers first quarter-on-quarter revenue fall

LONDON - Google has recorded the first quarter-on-quarter revenue fall in its 11-year history, but nonetheless has delivered profits of $1.4bn (£957m).

The search giant's revenues for the quarter ended March 31 were $5.51bn. This was down 3% compared with the fourth quarter of 2008, though still up 6% year on year.

UK revenues were $733m, up from $685m in the fourth quarter of 2008.

Post-tax profits came in at $1.4bn, up 8.8% year on year.

Eric Schmidt, chief executive, said: "Google had a good quarter given the depth of the recession -- while revenues were down quarter over quarter, they grew 6% year over year, thanks to continued strong query growth.

"These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online."

In a call with analysts executives were reluctant to discuss the outlook for web advertising.

Schmidt said "we are in uncharted territory", repeating a phrase he used in the previous quarterly results discussion.

Following the results Google's share price dropped 0.13% in after-hours trading on the Nasdaq stock exchange to $388.74.

You have

[DAYS_LEFT] Days left

of your free trial

Subscribe now

CAMPAIGN AI

Our new premium service offering bespoke monitoring reports for your company .

find out more

Become a member of Campaign

Get the latest news and insight from Campaign with unrestricted access to campaignlive.co.uk , plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now


Campaign AI

Our new premium service offering bespoke monitoring reports for your company

Find Out More