Google (GOOG) Higher After Strong Q1 Earnings Results

Shares of Google (Nasdaq: GOOG) are 4% higher after reporting a solid Q1 earnings beat on in-line revenues. Investors are happy as the Internet giant showed it could control costs in a difficult environment for top-line expansion.

Google reported Q1 EPS of $5.16, ex-items, versus the analyst estimate of $4.93. Revenue for the quarter ex-TAC was $4.07 billion, versus the consensus of $4.08 billion. While revenues were down quarter over quarter, they grew 6% year over year thanks to continued strong query growth.

In the first quarter of 2009, free cash flow was $1.99 billion. As of March 31, 2009, cash, cash equivalents, and short-term marketable securities were $17.8 billion.

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