Google (Nasdaq: GOOG) has posted a 17.3% increase in 1Q11 net profits of US$2.3bn, compared with US$1.96bn for the same period last year, the company announced.
Revenues for the quarter increased 27% year-on-year to US$8.58bn. "These results demonstrate the value of search and search ads to our users and customers as well as the potential of areas like display and mobile," said Google CFO Patrick Pichette.
However, at time of print, shares in the company were down 7.8% to US$45.11 on apparent investor concerns over a sharp rise in expenses. Total costs and expenses for Q1 came in at US$5.78bn, jumping 34.8% year-on-year.
A total 68%, or US$5.88bn, of Google's revenues come from web pages owned by the company and 28% (US$2.43bn) by partner sites such as AdSense.
International revenues totaled US$4.57bn, representing 53% of total revenues in 1Q11, compared with 52% in 4Q10.
Google is boosting its investment in Latin America after its revenues in the region grew 80% in 2010, outpacing every other market for the company, Google VP Dennis Woodside was previously quoted as saying.
To capitalize on this, the company plans to increase its personnel in Latin America by 50%, while also opening new offices. Google currently has about 500 employees in the region and recently opened branches in Santiago, Lima and Bogotá.
Use this link to see Google's full financial results.