Google Reports First Quarter 2012 Earnings, Announces Stock Split

Google’s first quarter 2012 financial results call is still ongoing and early signs are very very positive as they announce $10.65 billion in revenue, up 24% from the same quarter in 2011. Net income was a very respectable $2.89 billion allowing Google to miss Wall Street Estimates by a tiny amount.

Google also reports that its cash on hand now totals $49.3 billion allowing the company’s board to announce a new 2-for-1 stock split, but it’s not a cash dividend. Investors will get one new share of non-voting stock for each current share they hold.

“Google had another great quarter with revenues up 24% year on year,” said Larry Page, CEO of Google.  “We also saw tremendous momentum from the big bets we’ve made in products like Android, Chrome and YouTube. We are still at the very early stages of what technology can do to improve people’s lives and we have enormous opportunities ahead.  It is a very exciting time to be at Google.”

You can read Google’s Q1 earning statement on their investor site.  We’ll update this post as more news comes in.

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