5:15PM New York – Google surges 11% in the after-hours trading on 30% increase in earnings and 46% rise in net sales.

After the close of regular trading hours Google surged 11% to $528.91 but closed down $5.49 to $449.54 in the regular market hours.

Google reported earnings rise of 30% to $4.12 per share on revenue rise of 46% to $3.7 billion after excluding traffic acquisition costs.

Net earnings in the quarter was reported at $1.3 billion or $4.12 per share compared to $1.002 billion or $3.18 per share a year ago

Google, internet search leader reported first quarter gross revenue rise of 42% to $5.19 billion from $3.66 billion in the first quarter and7% increase from $4.83 billion in the fourth quarter of 2007. The revenue reported by Google does not deduct the traffic acquisition costs.

In the quarter the traffic acquisition costs, the portion of revenues shared with Google’s partners, increased to $1.49 billion in the first quarter of 2008. This compares to TAC of $1.44 billion in the fourth quarter of 2007.

TAC as a percentage of advertising revenues was 29% in the first quarter, compared to 30% in the fourth quarter of 2007.

Revenues from outside of the United States totaled $2.65 billion, representing 51% of total revenues in the first quarter of 2008, compared to 47% in the first quarter of 2007 and 48% in the fourth quarter of 2007. On constant currency basis compared to a year ago the revenue would have been lower by $202 million.

Google-owned sites generated revenues of $3.40 billion, or 66% of total revenues, in the first quarter of 2008. This represents a 49% increase over first quarter 2007 revenues of $2.28 billion and a 9% increase over fourth quarter 2007 revenues of $3.12 billion. Google''s partner sites generated revenues, through AdSense programs, of $1.69 billion, or 33% of total revenues, in the first quarter of 2008. This represents a 25% increase over network revenues of $1.35 billion generated in the first quarter of 2007 and a 3% increase over fourth quarter 2007 revenues of $1.64 billion.

Google added 2,351 employees in the quarter of which 1,500 were associated with the recently completed purchase of DoubleClick. Since the acquisition Google employs 19,156. In April the company laid off 10% of DoubleClick staff.

Google (GOOG: chart) stock in the last one year has traded as low as $412 in February 2008 and as high as $747 in October 2007.