Google Reports Staggering Profits

    Google workers ride bikes outside of Google headquarters in Mountain View, Calif., Thursday, April 12, 2012. Google Inc. said Thursday that it earned $2.89 billion, or $8.75 per share, in the first quarter. That’s up from $1.8 billion, or $5.51 per share, a year earlier. (AP Photo/Paul Sakuma)

    Paul Sakuma / AP Photo

    Google employees just got a lot richer. The search giant reported a 61 percent first-quarter profit increase of $2.89 billion from paid advertising clicks, up from $1.8 billion at the same time last year. The company’s revenue also jumped 24 percent to $10.65 billion. In other news, the company is issuing a new class of nonvoting capital stock, the shares of which will be distributed via a stock dividend in what is technically a 2-for-1 stock split. Google says investors have been calling for a split as the company’s value, which has ballooned to nearly $50 billion, continues growing. Future employees will get the nonvoting stock, so that voting power remains with current shareholders.

    Read it at The Wall Street Journal