Google rolling in cash, profits up 69%

Mountain View (CA) - Google has just announced their first quarter earnings ending March 31st and the figures look very favorable for the search engine giant. Revenues grew to 3.66 billion dollars with is up 66% from the same quarter in 2006. Profits jumped 69% to one billion dollars.

The numbers beat analyst expectations, something that Google has been regularly doing in 10 out of the last 11 quarterly earnings reports. In a telephone conference with reporters Chief Executive Eric Schmidt said, "We’re ecstatic."

Google’s earnings were much better than rival Yahoo’s numbers. Yahoo reported on Tuesday that its first-quarter profits fell 11%. It earned $142.4 million or ten cents a share during the first three months of the year.