Google profit beats expectations

Google's quarterly profit topped expectations, helped by cost controls, but Chief Executive Eric Schmidt said the economic environment remains tough with Internet users still searching but buying less.

Shares of the No. 1 U.S. Internet search company initially rose 5 percent on the stronger-than-expected results, but then erased gains to trade flat after hours.

"We're still basically in uncharted territory," Schmidt said on a conference call. "Google is absolutely feeling the impact. Users are still searching but they're buying less. Ultimately, what that really means is the ads are converting less."

Read Full Article from Washington Post

- Posted: 2009-04-17 07:49:41

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