Google Q1 Revenues: Double Digit Growth

While there are concerns on Wall Street that Google might be hitting a plateau, the search giant reported strong — if not spectacular — revenue increases in its Q1 earnings report.

The first quarter of Google’s fiscal 2011 marks not only the beginning of a new year for Google (NASDAQ:GOOG), but also the beginning of new leadership. As was announced during the company’s fourth quarter 2010 earnings call, Google co-founder Larry Page is now the CEO.

Page is coming into the leadership at a good time for the company he helped to create. Revenues for the first quarter were reported at $8.58 billion, for a 27 percent year-over-year increase. Net Income for the first quarter grew to $2.30 billion, an increase from the $1.96 billion reported in the first quarter of 2010. EPS came in at $7.04 per share for first quarter of 20011 share up from $6.06 per share in 2010

“I’m managing the day-to-day operations of Google as the CEO, working very closely with my team, and I’m really excited about the progress we’ve had there, I think we really hit the ground running,” Page said during Google’s earnings call. “And Eric (Schmidt), of course, is focused externally, on the government partnerships, government relations and partnership outreaches.”

Google continues to makes the majority of its revenues from Google owned sites. In the first quarter of 2011, Google-owned site revenue represented 69 percent of total revenues, coming in at $5.88 billion. Google partner site revenues, generated by way of its AdSense programs represented 28 percent of all revenues coming in a $2.43 billion.

Read the rest about Google Q1 revenue at InternetNews.