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Google's revenue, net income surge

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Mountain View, Calif.—Google Inc. reported first-quarter financial results that offered strong indication that the online advertising market is bouncing back.

The search engine giant reported that its revenue for the first quarter jumped to $6.77 billion, an increase of 23% compared with the same period last year. In the same time frame, the company's net income increased to $1.96 billion, a jump of 38%.

“Going forward, we remain committed to heavy investment in innovation—both to spur future growth in our core and emerging businesses as well as to help build the future of the open Web,” Patrick Pichette, CFO of Google, said in a statement. Google said it had $26.5 billion in cash, cash equivalents and short-term marketable securities.

The company said its partner sites generated revenue through AdSense programs of $2.04 billion in the first quarter. This represented a 24% increase from first-quarter 2009.

Aggregate paid clicks for the first quarter increased about 15% compared with the year-earlier period. Average cost-per-click increased about 7% from a year earlier but decreased about 4% from the fourth quarter.

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