Google Announces $8.58 Billion in Gross Revenue

Google has reported its revenue for the first quarter of 2011, posting $8.58 billion in gross revenue and $2.3 billion in net income.

Google yesterday announced quarterly earnings for the first quarter of 2011. The company posted gross revenues of $8.58 billion, a 27 percent increase over the same $6.77 billion period in 2010. Revenues from outside of the United States totaled $4.57 billion, representing 53 percent of total revenues in the first quarter of 2011, compared to 52 percent in the fourth quarter of 2010 and 53 percent in the first quarter of 2010.

Net income was $2.3 billion, up from $1.96 for the same period last year, while EPS (earnings per share) was $7.04 on 326 million diluted shares outstanding. This is compared to $6.06 in the first quarter of 2010 on 323 million diluted shares outstanding. Operating income in the first quarter of 2011 was $2.80 billion, or 33 percent of revenues. This compares to operating income of $2.49 billion, or 37 percent of revenues, in the first quarter of 2010.    

Despite gross revenue being up 27 percent and net income jumping by 15 percent, both fell short of what analysts and Wall Street were anticipating.

Check out the full earnings report here.