阅读导语：
Google，中文名称为谷歌，网址www.google.com，股票代码GOOG，上市地点纳斯达克，谷歌是因特网上最大、影响最广泛的搜索引擎，是由拉里.佩奇和谢尔盖.布林共同创建的。Google每日透过不同的服务，处理超过2亿次查询，而且主要是通过页面上与链接相关的广告创收益。就是这样一个世界上最大的网络搜索公司也受到了经济危机的冲击。谷歌CEO施密特称，经济风暴将影响所有的广告形式，包括该公司所依赖的网络广告。但他表示不预期谷歌营收会下滑。
The company's first quarter-on-quarter sale decline shows even the mighty search giant isn't immune to the pullback in and spending.
By Robert D. Hof
It's official now: Even Google can't escape the recession. With its first-quarter results on Apr. 16, the leader in Web search revealed its first quarter-on-quarter decline in sales, reflecting cutbacks① in online and spending. Thanks to cost cutting, Google (GOOG) handily beat profit expectations, but it offered no assurance that overall business conditions would turn around anytime soon.
Google's revenue, almost all of which comes from advertisements placed next to related search results, rose 6% from a year earlier but slipped②3% from the fourth quarter. Sales, after subtracting③commissions to Web site partners, were $4.07 billion. That's about what analysts, who have been reducing their estimates in recent weeks, had expected.
Investors initially liked what they saw, boosting the stock almost 6% in extended trading after the figures were released. After all, Google's slowdown looks good compared with the larger advertising market, which is expected to fall at least 5% this year. But as it became apparent that Google's underlying business was feeling the effects of the recession, shares reversed course and gained only a fraction of 1%. "The quarter confirms that Google is suffering from the economic slowdown," says Sandeep Aggarwal, analyst at financial-services firm Collins Stewart.
No Rebound④Yet
In comments during a conference call with analysts, Google executives, who don't provide formal earnings guidance, were muted⑤in their outlook. They noted that the second and third quarters are usually "seasonally weak," implying they see little scope for a rebound, at least for now. "We're still basically in uncharted⑥ territory" in the overall economy, Google Chief Executive Eric Schmidt said, repeating a phrase he used in the previous quarter. "The economic environment…remains tough. Google absolutely feels the impact."
Google's reluctance to discuss the outlook for Web advertising echoes the unwillingness of chipmaker Intel (INTC) to issue a forecast when announcing its first-quarter results. But unlike Google, Intel was able to call a bottom⑦in demand for the computers that use its semiconductors. Even mobile-phone maker Nokia (NOK) said it expects sales of wireless handsets to be flat or rise in the current quarter.
As uncertain as the market remains, Google's stock has been on a tear lately. Before rising 2.4% on Apr. 16 ahead of the earnings report, to 388.74 a share, the stock had risen 18% since the start of the year and more than 40% since hitting bottom last November. That run came during a period when the Nasdaq gained about 25%. In January, Google reported better-than-expected fourth-quarter results.
Slashing Expenditures
Because Google dominates just one business, search advertising, it's difficult to extrapolate⑧its results to other Internet companies, such as Yahoo! (YHOO), which reports earnings on Apr. 21. But comments by Google's executives on the state of online advertising and the outlook for the economy provide the earliest indication of the difficulties that online advertising firms, and perhaps media overall, will face in coming months.
词汇学习；
1. cutback n. 缩减, 削减, 减少
Eg. “The political effects of food cutbacks could be devastating”(New York Times)
“食物短缺所带来的政治影响可能是毁灭性的”(纽约时报)。
2. slip adv. 下滑 减退
Eg. “It is necessary to write, if the days are not to slip emptily by”.
“如果日子不是这样空虚地流逝，很有必要写一写”。
3. subtract vt. 减去, 扣除
Eg. That subtracts nothing from his merit.
那丝毫没有减损他的功绩。
4. fraction n. 一部分，些微
Eg. She moved a fraction of a step.
她移除了一小步。
5. rebound n. 回弹；弹回；跳回
Eg. His weight had a big rebound.
他的体重反弹很大。
6. mute vt. 减弱...的声音
Eg. They are muted in the meeting.
他们在会上很沉默。
7. uncharted a. 不确知的，不明的：
Eg. The nation's geopolitical strategy is yet uncharted.
该国的地缘政治的策略还不被人所知。
8. extrapolate v. 推断
Eg. Extrapolating ability is very important in mathematics.
数学中推理非常重要。
实用讲解：
1.The company's first quarter-on-quarter sales decline shows even the mighty search giant isn't immune to the pullback in and spending.
公司的首次环比销售额下降表明即使是搜索巨头也会受到经济衰退和支出的影响。
讲解： quarter-on-quarter sales 意思是环比销售额。在英文中，year-on-year 意思是同比, QoQ quarter-on-quarter意思是环比。同比上涨是同一时期比较涨幅，比如今年1月同去年1月的比较；环比是指相邻期间的比较，如2季度与3季度。be immune to 意思是对…有免疫力
2. Thanks to cost cutting, Google (GOOG) handily beat profit expectations, but it offered no assurance that overall business conditions would turn around anytime soon.
由于削减成本，谷歌（ GOOG ）的利润超出预期，但它没有提供任何保证，总体经营状况将扭转的迹象
讲解: thanks to 意思是由于，多亏了，handily beat 意思是巧妙的超出；profit expectation意思是预期利润。offer no assurance 意思是没有任何保证；turn around 意思是回转，好转。
3. Google's revenue, almost all of which comes from advertisements placed next to related search results, rose 6% from a year earlier but slipped ②3% from the fourth quarter.
谷歌的收入几乎所有都来自搜索结果旁边放置的相关广告中，去年上涨6 ％ ，但去年第四季度同期下降3 ％ 。
讲解：revenue 在这里指财政收入。Search result意思是网页搜索结果。Rise 表示上升，同义词还有raise, increase, grow, enhance, soar; slip表示跌落，滑落，同义词有 fall, drop, go down, decrease, decline等。
4. But as it became apparent that Google's underlying business was feeling the effects of the recession, shares reversed course and gained only a fraction of 1%.
但是很明显，谷歌的基本业务都感觉到了经济衰退的影响，股价逆转，只有1 ％ 的收益。
讲解：it became apparent that意思是很明显如何如何，后面跟从句。Google’s underlying business意思是谷歌的基本业务。Recession 意思是经济危机，衰退。Reverse 表示扭转，向相反的方向发展。
5. They noted that the second and third quarters are usually "seasonally weak," implying they see little scope for a rebound, at least for now.
他们指出，第二季度和第三季度通常是“淡季” ，这意味着至少到现在，他们几乎看不到小范围的反弹。
讲解："note"表示注意到，指出；"seasonally weak"表示“淡季”；rebound的意思是反弹，回转。Little scope表示很小的范围。
6. But comments by Google's executives on the state of online advertising and the outlook for the economy provide the earliest indication of the difficulties that online advertising firms, and perhaps media overall, will face in coming months. 但是，评论谷歌的高管对国家的在线广告和对经济前景的最早迹象提供的困难，在线广告公司，也许媒体总体而言，将面临在未来数月内。
讲解："online advertising" 表示在线广告，类似的短语有online shopping, online working 等。 outlook of the economy意思是经济前景， provide the earliest indication of difficulties 表示提供困难的最早迹象。
