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Google announced its quarterly earnings on Thursday and the company raked in $10.65 billion in revenue for the quarter. This is up 24 percent from the $8.58 billion it reported in the first quarter of 2011. GAAP Net Income climbed to $2.89 billion, up from $1.80 billion in Q1 2011. The company is now sitting on a treasure chest of $49.3 billion consisting of cash, cash equivalents, and short-term marketable securities. Google’s employee base is also growing, and the company now has 33,077 full-time employees worldwide.
Google announced a 2-for-1 stock split by creating a new class of non-voting capital stock (Class C share). This stock will be listed on the NASDAQ, and each shareholder will get one class C share for every existing Class A share they own. This plan maintains the voting rights and corporate management that now exists. Larry Page and Sergey Brin said in a founder’s letter to investors, ” Our goal was to maintain the freedom to focus on the long term by ensuring that the management team, in particular Eric, Sergey and I, retained control over Google’s destiny.”
You can read more about these earnings and the stock split on Google’s investor website.
[Via Google]
About The Author
Kelly Hodgkins
Kelly spent the last four years covering mobile technology at places like BGR, Gizmodo and The Unofficial Apple Weblog. Before writing, she spent a few years working with and teaching others how to use Adobe Flash and Macromedia Director. Even earlier than that, she spent several years as a Ph.D student in Microbiology. When she's not writing, she can be found fishing the lakes and hiking the mountains of Western Maine with her husband and tribe of children. You can follow her on Twitter @kellyhodgkins.
