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Google shares drop 3 per cent as it misses expectations
Google's profits fell but its revenues jumped 20 per cent as its results fell just short of expectations.
Wall Street had been expecting revenue excluding commissions of $13.22bn, but the figure came in at $13.17. Earnings per share were $6.35 rather than the $6.53 analysts had predicted.
Google's shares were down 1 per cent on the news.
Cost per click paid by advertisers, a key metric, was only down by two per cent, a more gentle decline that the company has experienced in recent quarters.
Eric Schmidt said this week that Google's biggest competitor was Amazon, highlighting the amount of search traffic centred around shopping.
