Google beats earnings estimates, sales fall from previous quarter

Google (GOOG) beat analysts' profit estimates after cutting jobs and costs, but the online ad giant saw its first quarter-to-quarter drop in sales since going public in 2004.

"We're still basically in uncharted territory," Eric Schmidt, Google CEO, said on the company's conference call. Google is positioned to take advantage of an economic recovery, he said, while noting that the "economic environment" still "remains tough."

Schmidt wouldn't comment on Google's interest in buying Twitter, when asked on the call. He did say Twitter is "incredibly useful," and that Google would be "very happy" to help them pursue their growth strategy.