This news taken from AP on 4/17/08. AP is a new addition to MarketClub’s growing list of news services:
(AP:NEW YORK) Earnings reports dominated the tech sector this week, with strong first-quarter results from industry heavyweights like Google Inc. and IBM Corp. providing reassurance in a season dominated by economic concern.
Google said late Thursday that its first-quarter profit and revenue handily beat analysts' expectations, easing fears that the economic slowdown could hurt the company. Google said its total paid clicks grew 20 percent year over year _ less than in previous quarters, which Google attributed to changes meant to improve the quality of clicks and, eventually, generate more revenue from fewer clicks.
After Google's report, its shares soared, finishing Friday's trading up 20 percent at $539.41, marking the stock's largest one-day percent gain and a dramatic change from the past several months. Google's market value had declined 35 percent since late December as investors worried about broader economic weakness hurting the company.
See how we view GOOGLE in this short video.