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“The American economy may be weakening, but Google said once again that the slowdown has not affected its business.
Easing concerns that its growth would stall, the Internet search giant on Thursday reported better-than-expected financial results for the first three months of the year, igniting a huge rally in its shares.
“We are obviously very pleased with another strong quarter for Google,” Eric E. Schmidt, Google’s chief executive, said during a conference call with Wall Street analysts. “It is clear to us that we are well positioned for 2008 and beyond, regardless of the business environment that we find ourselves surrounded by.’
Mr. Schmidt credited improvements to the company’s highly targeted advertising business for the growth, which was stronger overseas than domestically. For the first time, international sales accounted for the majority of revenue.
The results came as a relief to investors, who were bracing for a big slowdown in Google’s business. The company issued its report after the close of markets, and its shares surged more than $76.42, or 17 percent, in after-hours trading, to end the day at $525.96. They had closed d”
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