Google's Glass Half Empty or Half-Full? By Bob Faulkner About this article: For Faulkner's preview heading into the Google conference call, please click here. Google reported its first-quarter earnings after the close of trading Thursday with pro forma earnings well ahead of analysts' estimates and net revenue essentially in line. Gross revenue in the quarter was $5.51 billion, up 6% from a year earlier but down 3% sequentially, with net revenue (excluding traffic acquisition costs) at $4.08 billion. Traffic acquisition costs as a percentage of advertising revenue remained flat with the prior quarter but are well below the prior year's level. GAAP earnings were $4.49 a share, with pro forma earnings of $5.16 a share. The pro forma gross margin was 61.8%, up 240 basis points from last year and essentially flat sequentially. The pro forma operating margin was 39.2%, up 400 basis points year over year and 160 basis points from the fourth quarter as the company continues to... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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