In spite of the global economic recession Google's reports show an increase of 6% compared to the first quarter of 2008 and a decrease of 3% compared to the fourth quarter of 2008. GAAP net income for the first quarter of 2009 was $1.42 bn as compared to $382 mn in the fourth quarter of 2008.
Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC). In the first quarter of 2009, TAC totaled $1.44 billion, or 27% of advertising revenues
"Going forward, our priority remains investing for the long term to drive future growth in our core and emerging businesses," said Eric Schmidt, CEO of Google.