Google Beats Forecasts With 30% Increase In Profit

Google has done it again — they announced impressive earnings, beating forecasts and showing a 30% increase in profit from the previous first quarter results.

Google’s reported revenues of $5.19 billion for the quarter ending March 31, 2008 and a net income of $1.31 billion. Previous quarter revenues were $4.83 billion in Q4 and $3.66 billion in Q1 2007. Previous quarter income was $1.21 billion in Q4 2007. Google’s shares are currently up over 12% in after market conditions, now at $506.87.

Google has already increased the number of employees they have hired. As of March 31st, Google employed 19,156 full-time employees, up from 16,805 full-time employees on December 31, 2007.

Also, Google has around $12.1 billion in cash.

Here are some reports from around the web:

• Google’s Profit, Sales Surge Easing Ad-Growth Fears, Wall Street Journal
• Google Profit Climbs 30% on International Expansion, Bloomberg
• Google profit beats forecasts, shares jump, Reuters
• Google Profit Beats Wall St. Forecast, New York Times
• Earnings: Google Q1 Beats Revenue And Earnings Estimates; Shares Surge, paidContent

TechCrunch has live blogging of the conference call.