Google sets the global pace for firms deriving revenues from online advertising, and to the relief of everyone, it handily beat first-quarter expectations.

From the BBC:

The owner of the most popular online search engine, said first-quarter profits rose to $1.31bn, up 30% from the same period a year ago.

Google boss Eric Schmidt said "innovation in search, ads, and apps" helped to boost earnings growth.

There have been fears that the firm was being hit by the slowing US economy.

Google said sales were up 42% to $5.19bn for the quarter ended 31 March.

For the first time, the California-based firm earned more revenue abroad - 51% of total sales - compared to its home market. This was partly due to a slump in the weak dollar which increases the value of non-US earnings.