...the company a 5% share price increase in after hours trading.

To be honest, Im not shocked by the decline. After all, Google has been aggressive in trimming the fat"both in services and personnel"and CEO Eric Schmidt has sent many warning signals over the past few weeks. His Q1 statement was equally balanced between optimism and caution:

"Google had a good quarter given the depth of the recession"while revenues were down quarter over quarter, they grew 6% year over year, thanks to continued strong query growth. These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online," said Eric Schmidt, CEO of Google. "Going forward, our priority remains investing for the long term to drive future growth in our core and emerging businesses."

The good news is that we can throw Efficient Frontiers predictions into the same bucket as comScore. Googles revenue was down just 3% with paid search clicks actually up 3%"not even close to the 13% decline Efficient Frontier was touting to the press.

In summary, Google saw Q1 revenues of $5.51 billion and net profits of $1.42 billion. If you want to read all the minutiae, head here.

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