Google sees shares rise as Q1 financial results revealed

Google reported higher revenue and earnings for the first quarter of 2015, which saw the company's shares rise three per cent.

In the financial results announcement for the quarter that ended 31 March, posted yesterday on the Google Investor Relations page, it says that the company reported revenues of $17.3 billion (£9.1 billion, €12.7 billion), up 12 per cent from the previous year.

Total advertising revenues rose 11 per cent, while revenue from Google websites rose 14 per cent.

After closing up 1.42 per cent on 23 April, Google shares advanced 3.16 per cent to $564.30 (£372.87) in after hours.

Google CFO Patrick Pichette said in a statement that the company's mobile advertising is showing great results, and that they would have been even better if it weren't for foreign currency headwinds.

“We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers.” he said.

"Excluding hedging gains of $311 million related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2014 through the first quarter of 2015, our revenues in the first quarter of 2015 would have been $795 million higher“ it says in the report.

Total paid clicks, representing total number of ads, rose 13 per cent for the quarter, but cost per click, the average price of ads, declined seven per cent.

Net income for the first quarter increased to $3.59 billion (£2.37 billion) from $3.45 billion (£2.28 billion) in the same quarter last year.

Even though the company is facing stiff competition from the likes of Facebook, these numbers prove Google is a dominant force in the Internet market.