Search Enginuity

Google shares are up over 15% in after hours trading (brace yourself for tomorrow) after reporting Q1 earnings, blowing away estimates and fears that the search giant could disappoint due to a reported slowdown in gross paid clicks (thanks again Comscore).

The highlights:

• Revenues increased to $5.19 billion up 42%
  
• Net income increased to $1.31 billion up 30%
  
• “Our ongoing innovation in search, ads and apps helped drive healthy growth globally across our product lines, yielding another strong quarter for Google,” Chief Executive Eric Schmidt said in a statement

Henry Blodget, the leading paid click disaster wolf crier, has more coverage.