First-quarter profit rose 37 percent as more people clicked on higher-priced Internet ads powered by the company’s search engine. The results released Thursday are the latest indication that the online advertising and technology sectors are bouncing back from the recession more quickly than many other parts of the economy.
The company earned nearly $2 billion, or $6.06 per share, in the quarter. Revenue climbed 23 percent to $6.78 billion.
If not for expenses covering employee stock compensation, Google said, it would have earned $6.76 per share. That figure topped the average estimate of $6.60 per share among analysts surveyed by Thomson Reuters.
Charles Schwab
First-quarter profit dropped 45 percent as fee and trading revenue fell.
Schwab has been locked in competition with other online brokerage firms for new clients. That competition has led Schwab and others to cut commission costs, which eats into revenue.
Schwab earned $119 million, or 10 cents per share, during the quarter ended March 31, down from $218 million, or 19 cents per share, a year ago. Revenue fell 12 percent to $978 million.
Advanced Micro Devices
The chipmaker returned to profitability in the first quarter, benefiting from a strengthening computer market.
AMD said after the market closed Thursday that it earned $257 million, or 35 cents per share, in the first quarter. In the same period last year, AMD lost $416 million, or 66 cents per share.
