INTERNET search giant Google has posted its worst revenue performance in nearly five years as a public company.

US-based Google, which owns YouTube, gained £3.7bn in revenues during the first three months of 2009 – almost 4% below the previous quarter and its first quarter-on-quarter drop.

Google was still 6% ahead of the same period last year, but it is the first time that year-on-year growth has dropped to single digits since the company’s stock market launch in August, 2004.

However, the results exceeded analyst expectations. Chief executive Eric Schmidt said: “Google had a good quarter given the depth of the recession.”