Google reported revenues of USD 10.65 billion for the first quarter, an increase of 24 percent from the first quarter of 2011. In the first quarter, traffic acquisition costs (TAC) totalled to USD 2.51 billion, or 25 percent of advertising revenues. Google-owned sites generated revenues of USD 7.31 billion, posting a 24 percent increase. Google's partner sites generated revenues of USD 2.91 billion representing a 20 percent increase. Revenues from outside of the United States totalled USD 5.77 billion, representing 54 percent of total revenues. Revenues from the United Kingdom totalled to USD 1.15 billion, representing 11 percent of revenues in the first quarter. Revenues from the rest of the world totalled to 4.62 billion. Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of Network members, increased approximately 39 percent. Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of Network members, decreased approximately 12 percent. Other cost of revenues, which is comprised primarily of data centre operational expenses, amortisation of intangible assets, content acquisition costs, and credit card processing charges increased to USD 1.28 billion from USD 897 million. Net profit grew to USD 2.89 billion or USD 8.88 per share from USD 1.80 billion or USD 5.59 per share. Cash and cash equivalents amounted to USD 23.11 billion at end of period. On a worldwide basis, Google employed 33,077 full-time employees as of 31 March. Google currently estimates SBC charges for grants to employees to be approximately USD 2 billion for this year. Google's board of directors has approved a stock dividend proposal designed to preserve the corporate structure that has allowed Google to remain focused on the long term.
