Google Revenues Increase 3% Year-Over-Year in Q2 2009; Paid Clicks Hold Steady

Google released second quarter earnings for 2009 today, and the news was relatively positive. Revenues increased by 3% year-over-year, coming in at $5.52 billion.

Paid clicks were 2% lower than Q1, but 15% higher than the second quarter of 2008. Meanwhile, the average CPC (cost-per-click) increased 5% over Q1 2009 but decreased 13% from Q2 2009.

Revenues shared with partners, primarily Adsense partners, totaled $1.45 billion in the second quarter, which was down ever-so-slightly from Q2 2008’s $1.47 billion.

Considering the volatile economy going on around the world, you would think this earnings report was good news. But after hours trading on Wall Street was punishing GOOG:

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