Google reported it’s results from Q1 of 2010 yesterday and the news was good for Google. Many feel that what is good for Google is good for the rest of us. Maybe it is, maybe it isn’t but at least Google is showing some of the signs of upward movement that we grew accustomed to (and were really spoiled by) in the days before the current economic doldrums we are experiencing.

Before we get to the number,s there was the noticeable absence of CEO Eric Schmidt from the call. The call was handled by CFO Patrick Pichette and this is apparently going to be the protocol moving forward. A report of the “news” of Schmidt’s absence comes from the AP reporting on the question asked of Pichette during the call:

QUESTION: Any other particular comments you could make around Eric not being on the call and anything else that we should read into that?

ANSWER: Eric is everywhere. Eric is in every public … I mean I have seen him in Abu Dhabi and then fly across to (Washington) D.C. the next day. He is everywhere. So the fact that we just decided to streamline our process just for earnings does not mean that Eric is not available, and he is clearly leading as spokesperson for the strategy of the company. So he’s very transparent and everywhere. So on that point it was just simply an issue of kind of streamlining and making more focus on financial results for this call.

We can all “read into that” anything we want I suppose. Now lets take a look at the real reason for the call: the company results from Q1. These come from Google investor relations.

Revenues – Google reported revenues of $6.77 billion in the first quarter of 2010, representing a 23% increase over first quarter 2009 revenues of $5.51 billion. Google reports its revenues, consistent with GAAP, on a gross basis without deducting TAC.

Google Sites Revenues – Google-owned sites generated revenues of $4.44 billion, or 66% of total revenues, in the first quarter of 2010. This represents a 20% increase over first quarter 2009 revenues of $3.69 billion.

Google Network Revenues – Google’s partner sites generated revenues, through AdSense programs, of $2.04 billion, or 30% of total revenues, in the first quarter of 2010. This represents a 24% increase from first quarter 2009 network revenues of $1.64 billion.

International Revenues – Revenues from outside of the United States totaled $3.58 billion, representing 53% of total revenues in the first quarter of 2010, compared to 53% in the fourth quarter of 2009 and 52% in the first quarter of 2009. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the fourth quarter of 2009 through the first quarter of 2010, our revenues in the first quarter of 2010 would have been $112 million higher. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2009 through the first quarter of 2010, our revenues in the first quarter of 2010 would have been $242 million lower.

• Revenues from the United Kingdom totaled $842 million, representing 13% of revenues in the first quarter of 2010, compared to 13% in the first quarter of 2009.

• In the first quarter of 2010, we recognized a benefit of $10 million to revenues through our foreign exchange risk management program, compared to $154 million in the first quarter of 2009.

Paid Clicks – Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our AdSense partners, increased approximately 15% over the first quarter of 2009 and increased approximately 5% over the fourth quarter of 2009.

Cost-Per-Click – Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our AdSense partners, increased approximately 7% over the first quarter of 2009 and decreased approximately 4% over the fourth quarter of 2009.

And of course, the envy of everyone who is in any business is the net income number which was $1.96 B as compared to $1.42 B in the first quarter of 2009. Not too shabby. Google also added 786 full time employees worldwide in Q1. Now that’s the kind of number we haven’t seen from anyone in quite some time.

So Google is doing fine. That’s not a surprise. What will really be interesting is what we look back on at the end of this year. With expected investments and the recent attention being given to all things mobile, 2010 may end up being one of the most interesting years in Google’s short but illustrious history.

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