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.”