Schmidt: Google facing ‘more challenging economic environment’

Fri, 07/18/2008 - 8:05am
Brian Santo

While Microsoft, Yahoo and AOL dance with each other even as they stagger along, Google has only the economy to contend with, turning in a profitable financial quarter in what Google CEO Eric Schmidt called “a more challenging economic environment.”

Google reported revenues of $5.37 billion for the quarter ended June 30, an increase of 39 percent compared with the second quarter of 2007 and an increase of 3 percent compared to the first quarter of 2008.

That wasn’t enough quarter-to-quarter growth for Wall Street, though. Google missed Wall Street estimates and was punished accordingly with a drop in its stock price.

Q2 net was $1.58 billion, up a bit from income of $1.55 billion in the immediately prior Q1, but off from the $1.85 billion the company made in the second quarter of 2007.

Google’s AdSense partner program continues to thrive, growing both year-over-year and sequentially.

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