Search engine giant Google released its revenue results for the first quarter of this year, and also proposed a new class of stock. Under the proposal, the company would implement a 2-for-1 stock split, while maintaining a long-term governance structure.
“Google had another great quarter with revenues up 24% year on year,” said Larry Page, CEO of Google.
“We also saw tremendous momentum from the big bets we’ve made in products like Android, Chrome and YouTube. We are still at the very early stages of what technology can do to improve people’s lives and we have enormous opportunities ahead. It is a very exciting time to be at Google.”
As for the actual numbers, “Google reported revenues of $10.65 billion (approx. R74-billion) for the quarter ended March 31, 2012, an increase of 24% compared to the first quarter of 2011. Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC). In the first quarter of 2012, TAC totalled $2.51 billion, or 25% of advertising revenues,” they said in a statement.
The search engine also revealed that partner sites (websites owned by Google) generated revenues of $2.91 billion, which is a 20% increase from first quarter 2011. The company also raked in $5.77 billion from revenues from outside of the United States, while “revenues from the United Kingdom totalled $1.15 billion”.
As of 31 March, Google had 33 077 full-time employees and cash, cash equivalents, and short-term marketable securities were at $49.3 billion.
“We expect to continue to make significant capital expenditures,” the statement concluded.
Charlie Fripp – Consumer Tech editor