April 16, 2010 Last Updated 1:39 am

Google revenue up 23 percent as big advertisers return

While newspaper companies are grateful for recording smaller declines, Google is back to recording dramatic increases in ad revenue.

Late this afternoon Google reported first quarter results that will make more media companies green with envy as ad revenue increased 23 percent and quarterly profit nearly hit $2 billion. The profit increase represents a 37 percent increase over Q1 2009. Ad revenue stood at $6.78 billion.

Of course, that wasn’t good enough for investors as Google’s share price slid after hours — but what do you expect from analysts, some of whom questioned Google’s increase in hiring (wouldn’t want to do that, would we?). “Hiring more people does not mean we are wasteful,” AP quoted Google’s Chief Financial Officer Patrick Pichette. “It just means we have a great agenda.”

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