Google chief executive Eric Schmidt proclaimed the worst of the economic storm over Thursday as the Internet powerhouse reported its quarterly revenues surged seven percent to 5.94 billion US dollars.

"Google had a strong quarter -- we saw seven percent year-over-year revenue growth despite the tough economic conditions," Schmidt said in a release.

"While there is a lot of uncertainty about the pace of economic recovery, we believe the worst of the recession is behind us and now feel confident about investing heavily in our future."