Google Shows a 3% Sequential Dip In Revenues : First Time

Despite a 3% drop in revenue from the previous quarter, Wall Street seems content with the numbers Google just posted for Q1, handing the company a 5% share price increase in after hours trading.

"Google had a good quarter given the depth of the recession–while revenues were down quarter over quarter, they grew 6% year over year, thanks to continued strong query growth. These results underline both the resilience of our business model and the ongoing potential of the web as users and advertisers shift online," said Eric Schmidt, CEO of Google. "Going forward, our priority remains investing for the long term to drive future growth in our core and emerging businesses."