Brushing aside concerns about a drop in paid click rates and sliding past estimates, Google posted results Thursday showing not only that it remains king of the online advertising space but that it can continue to grow sales and profits in uncertain economic times.Revenue at the search giant rose 42 percent year-over-year to US$5.2 billion in the first quarter, while net income increased 8 percent to $1.31 billion. Net revenue, which subtracts traffic acquisition costs, came in at $3.7 billion, ahead of the $3.6 billion called for by analysts.Google shares skyrocketed by more than 17 percent — a gain of nearly $80 per share — in morning trading Friday to $529.29, which marks the largest one-day bump since the company went public in 2004. Google shares remain well below their all-time high of $747, however.Google reported under a cloud of concern that paid clicks would be down or flat from a year ago. Instead, the search giant said the number of clicks on its search advertisements was up 20 percent from a year ago and 4 percent from the fourth quarter.That still represents a slower growth rate than at some points in the company’s growth, but CEO Eric Schmidt said… Read full this story
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