Google Inc. (GOOG: Quote) reported that its first-quarter GAAP net income was $2.89 billion or $8.75 per share, up from $1.80 billion or $5.51 per share in the first quarter of 2011.
Non-GAAP net income in the first quarter of 2012 was $3.33 billion, compared to $2.64 billion in the first quarter of 2011. Non-GAAP earnings per share was $10.08, compared to $8.08 in the first quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $9.65 per share for the quarter. Analysts' estimates typically exclude special items.
Google reported revenues of $10.65 billion in the first quarter of 2012, representing a 24% increase over first quarter 2011 revenues of $8.58 billion. Thirty two analysts had consensus revenue estimate of $8.15 billion for the quarter.
Traffic acquisition costs, the portion of revenues shared with Google's partners, increased to $2.51 billion in the first quarter of 2012, compared to TAC of $2.04 billion in the first quarter of 2011.
Google announced that its Board of Directors unanimously approved a stock dividend proposal designed to preserve the corporate structure that has allowed Google to remain focused on the long term. The company said that the proposal would effectively implement 2-for-1 stock split while preserving long-term governance structure.
by RTT Staff Writer
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