Google (NASDAQ:GOOG) Adding $1 Billion to 2011 Costs

The approximate 6,000 or so new hire by Google (NASDAQ:GOOG) will add another $1 billion in costs to the company in 2011.

Included in the $1 billion in additional expenses is the 10 percent increase in salaries the company said their workers will be getting.

Commenting on the numbers, Credit Suisse (NYSE:CS) noted that "from 2005-2010, there is a 94% correlation between GOOG's net revenue growth and the growth in its workforce, implying GOOG hires to support growth. Alternatively, if historical patterns hold, accelerating new hires could be seen as a positive indicator for 2011 revenue growth."

Credit Suisse wasn't swayed in any way by the numbers, as they maintained their EPS estimate for 2011 of $34.15.

They reiterated their "Outperform" rating on Google, which closed Monday at $614.29, gaining $3.32. or 0.54 percent. Credit Suisse has a price target of $750 on Google.