Wall Street punishes Google after topping $10 billion in revenue and adding 1,100 employees during Q4

Google's campus in Kirkland

Shares of Google fell nearly 10 percent in after hours trading today, despite the company posting record revenue of $10.5 billion during the fourth quarter.  That was a 25 percent increase over the same period in 2010.

Net income for the quarter was $2.7 billion, up from $2.5 billion.

Wall Street didn’t like the news, however, sending the stock down to about $578 per share after the earnings release.

“I am super excited about the growth of Android, Gmail, and Google+, which now has 90 million users globally – well over double what I announced just three months ago,” said Google CEO Larry Page in a statement. “By building a meaningful relationship with our users through Google+ we will create amazing experiences across our services.”

The Mountain View, California search company finished the quarter with $44.6 billion in cash. Google also continues to hire, adding 1,114 employees during the fourth quarter. The company now employs 32,467 people, with about 1,000 workers in the Seattle area.

 


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