Google’s holiday season wasn’t as happy as Wall Street analysts expected.
The company reported that it brought in $18.1 billion in revenue, up from $16.68 billion during the same period a year ago. That missed the consensus of $18.46 billion among analysts surveyed by Thomson Reuters.
The company also reported net income of $4.74 billion, up from $4.57 billion in the same period a year ago. That translates into earnings of $6.88 a share, missing analyst expectations of $7.11 per share.
Unsurprisingly, advertising revenue made up 89 percent of the company’s total revenue for the quarter. That’s down slightly from the same period a year ago, when ad revenue made up 90 percent of Google’s top line. Average cost-per-click, which measures the amount of money Google makes every time someone clicks on an advertisement from the social network, was down 3 percent year-over-year, and 3 percent sequentially.
That’s a mixed blessing for Google. It shows that the decrease in cost-per-click has slowed over the recent quarters, but it’s still continuing on a downward trend.
Investors aren’t thrilled by the news. Google’s stock is down almost 4 percent in after hours trading.
Google’s detailed financial results are embedded below: