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.
