Google profit rises 16%, but far short of forecasts
Google said Thursday its second-quarter profit rose 16 percent from a year ago, but its results fell far short of market expectations.business Updated: Jul 19, 2013 02:21 IST
Google said Thursday its second-quarter profit rose 16% from a year ago, but its results fell far short of market expectations.
The Internet giant reported a profit of $3.23 billion, up from $2.79 billion a year ago. The adjusted earnings translated to $9.56 per share, far below Wall Street expectations of $10.78.
Revenues were up 19% to $14.11 billion, also below most analyst forecasts.
Google shares tumbled 4.9% in after-hours trade on the news to $866.21, in a retreat from the Internet giant's record run toward the $1,000 level.
Chief executive Larry Page put a positive spin on the report.
"Google had a great quarter with over $14 billion in revenue -- up 19% year-on-year," said Page.
"The shift from one screen to multiple screens and mobility creates tremendous opportunity for Google. With more devices, more information, and more activity online than ever, the potential to improve people's lives even more is immense."