Google has announced financial results for the quarter ended March 31, 2012. The Google Board of Directors unanimously approved of a stock dividend proposal designed for preserving the corporate structure that has allowed Google to remain focused on the long term. The company reported revenues of $10.65 billion for the quarter ended March 31, 2012, which is an increase of 24% compared to the first quarter of 2011. This results in a net income of $2.89 billion.
?We had a very strong quarter,? stated Google CEO Larry Page on a conference call. ?Since becoming CEO again, I have pushed hard to focus on the big bets.? Page has announced a creation of a new class of stock that enables the founders to keep corporate decision making among a small group and allows the company to continue on taking a longer-term view on the business.
Page pointed out that projects like Google Chrome, Android, and YouTube are examples of initiatives that have benefited from a long-term approach. The creation of a new class of stock is currently only a proposal.
Google’s own properties accounted for 69% of their total revenues in the quarter. From their own websites, they generated $7.31 billion and partner sites that have AdSense on them generated $2.91 billion in revenue (27%). Revenues from outside the U.S. totaled $5.77 billion.