Google Announces $10.7 Billion Q1 Revenue, 2-for-1 Stock Split

eWeek: Google has posted $10.65 billion in revenue for the first quarter of 2012, a 24 percent year-over-year increase. The search giant said it is enjoying “tremendous momentum” from products like Android, Chrome and YouTube.

In addition, the company announced a two-for-one stock split, a move which helps chairman Eric Schmidt and co-founders Larry Page and Sergey Brin retain control of the company. “Our goal was to maintain the freedom to focus on the long term by ensuring that the management team, in particular [executive chairman Eric Schmidt], Sergey and I, retained control over Google’s destiny,” explained Page. “We want Google to become an important and significant institution. That takes time, stability and independence.”