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| Google reported revenue of $15.42 billion for the first quarter, up 19 percent from the first quarter of 2013. |
SAN FRANCISCO — The mighty Google machine faltered a bit in the first quarter.
Revenue came in $100 million short of expectations, while earnings per share missed by 12 cents.
Still, Larry Page, Google’s chief executive, called it “another great quarter” in the news release announcing the company’s results. He added, “We got lots of product improvements done, especially on mobile.”
Wall Street, which had pushed Google stock up $20 a share in earlier trading Wednesday, swiftly took all that away and more. After the earnings report came out, the stock was down $27, to $530.
As Internet users migrate to mobile devices, Google earns less on its ads. Average cost-per-click, a key metric of what advertisers pay Google each time someone clicks on an ad, fell 9 percent from the first quarter of 2013.
The search-and-advertising giant said it had revenue of $15.42 billion for the quarter that ended March 31, up 19 percent from the first quarter of 2013. Analysts had expected revenue of $15.52 billion. Earnings per share were $6.27. Analysts had forecast $6.39.
In absolute terms, Google is doing very well — it is projected to increase its digital ad revenues this year by more than $5 billion, which is more than the total ad revenues of Yahoo or Microsoft.
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