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Mon 20 Jul 2009 03:03 PM

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Google posts $5.52 billion quarter

Despite the worst recession in decades, Google has posted strong result for the second quarter of the year

Google posts $5.52 billion quarter
Schmidt: Google’s revenues were up 3% year-on-year while most of the world’s largest economies shrank (Getty Images)

The world’s biggest search company has recorded a gross profit of US $5.52 billion for the second quarter of the year.

The downturn-defying result works out as $4.05 billion in net revenues when adjusted for $1.45 billion in traffic acquisition costs that the company shells out to partner sites

"Google had a very good quarter, especially given the continued macro-economic downturn. While most of the world's largest economies shrank, Google's year-over-year revenues were up 3%. These results highlight the enduring strength of our business model and our responsible efforts to manage expenses in a way that puts us in a good position for the economic upturn, when it occurs,” said Eric Schmidt, CEO of Google.

Google's revenue from outside of the United States came to $2.91 billion or 53% of the search giant's total for the quarter.

“We remain focused on investing in technical innovation to drive growth in our core and new businesses," added Schmidt.

Driving down some of the cost was a reduction in headcount, with Google reducing its staff pool by 378 globally since the end of March, bringing the total full-time workforce to 19,786.

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