Google has a gangbuster of a quarter

Slowdown? What slowdown?

Internet giant Google quieted its critics Thursday with an earnings report that showed little sign of an advertising decline, despite outside reports to the contrary.

Google said profit rose 31% in the first quarter on 42% revenue growth. It reported revenue of $5.2billion and profit of $1.3 billion.

"We're very pleased with the quarter," Google CEO Eric Schmidt said on a conference call with analysts. "We're well-positioned for 2008 and beyond, regardless of the business environment we find ourselves in."

Google disappointed investors after its fourth quarter, when it reported results that didn't match Wall Street's expectations.

Since then, prominent market-tracking firm ComScore has put out reports saying that growth in click-throughs on Google's trademark Internet search ads is declining, spooking investors. Google gets paid only when a Web user clicks on one of the countless little ads that show ...