Credit Suisse’s Heath Terry calculates that a lower tax rate lifted EPS by 23 cents; the company reported $4.84, 32 cents above the consensus view of $4.52. Goldman’s James Mitchell likewise notes that EPS was higher than expected “due primarily” to a tax rate of 23% versus an expected 26%.

On the other hand, the Street seems generally pleased that paid clicks were up 20% versus last year, which while less than the 30% growth in Q4 nonetheless is a lot better than the 1.8% suggested by the most recent ComScore data.

In after hours trading, GOOG is now up $76.96, or 17.1%, at $526.50.