Google posts 8.45 pct increase in Q1 profits

Net revenue has risen to USD 5.50 billion in the March quarter,compared with USD 5.18 billion in the same period a year ago.

However,sequentially the net revenue saw a decline of 3 per cent in the quarter,compared to USD 5.70 billion in the fourth quarter of 2008.

The sequential decline in revenues is reportedly the first ever since the company went public in 2004.

“Google had a good quarter given the depth of the recession — while revenues were down quarter over quarter,they grew 6 per cent 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,” Google Chief Executive Officer Eric Schmidt said.

“Going forward,our priority remains investing for the long term to drive future growth in our core and emerging businesses,” he added.