Eric Schmidt, CEO of search giant Google, says the company is "ecstatic" over its first quarter results which saw profits skyrocket by 69% to $1-billion.

Revenues for the quarter increased by 63% to $3.66-billion over the same quarter last year, with net profit up from $592-million in Q1 2006 to $1-billion. Google's stock price rose more than 3% to $486.19 in trading that followed the release of the earnings report.
"We are ecstatic about our financial results this past quarter," Schmidt says. "We've seen excellent growth in the US and our growth internationally is even better.
"The global growth of our core search and ads business and our focus on building our partnerships drove our strong results in the quarter," Schmidt adds. "We continued to expand our worldwide footprint, adding important new partners and growing our platform."