3 of 8
Sales: $5.5 billion, up 2.9%
Profit: $1.5 billion, up 19%

Google's quarter defined a mixed bag.

People were clicking on more ads! But they were searching around to find cheaper things. Sales were up! But advertisers are paying less per click.

The recession has nipped at Google, which makes the vast majority of its revenue on Internet search advertising -- a market that has slowed during the economic downturn.

Still, it outperformed its rivals, in large part due to substantial cost savings. The company slashed expenses by 80% in the quarter, eliminating more than 300 jobs, cutting down on expensive experimental projects and scaling back some of its famous employee perks.

As a result, the company said it is in a good position for a looming economic rebound. In other words, if Google was able to achieve even modestly positive numbers in the depths of the recession, just wait until the recovery.

NEXT: Microsoft
Last updated July 24 2009: 4:51 PM ET
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