DNS - Google Reports Strong Q1, Positioned Well for Growth in 2010

As I mentioned earlier, Internet mogul Google (News - Alert) had plans to report its first quarter earnings today, and those figures were estimated to be quite impressive. And, for once, the rumors were true.

On the company's first quarter conference call, which was also conveniently played as a Webcast on YouTube (News - Alert) - how  appropriate - for those who couldn't listen in on the phone, Google's Senior Vice President and Chief Financial Officer Patrick Pichette discussed the company's performance, and what to expect for the upcoming months.

"As we enter 2010, it's really clear that the digital economy continues to grow rapidly," Pichette said, adding that the first quarter results are a direct reflection of the trends in the industry, which continues to fuel Google's optimism.

With the rise of the digital world, comes Google's ability to invest heavily in products and people; in fact, Pichette told the eager listeners that Google's currently ramping up hiring, with new positions coming in the new year.

But wait, there's more.

"First, we're intensely focused on user experience, our continued success depends on delighting users," Pichette said. "Second, we're continuing to improve our ad business. Finally, acquisitions - we have been very active so far this year and we have a strong M&A pipeline to bring new technology to Google, feeding our entrepreneurial experience; it really excites us."

And in terms of the business side of things, Google performed well across every major product area.

GAAP net income in the first quarter of 2010 was $1.96 billion, compared to $1.42 billion in the first quarter of 2009, up year-over-year. Non-GAAP net income in the first quarter of 2010 was $2.18 billion, compared to $1.64 billion in the first quarter of 2009

."Q1 was really a strong quarter and the general economic recovery has continued, resulting in strong results for us," Pichette said.