Google Misses Wall Street’s Q2 Earnings Hopes – Stock Drops Below $900

Posted by at 3:17 pm on July 18, 2013

Google reported strong revenue growth for the June quarter, but fell shy of Wall Street’s estimates, sending the stock down by as much as 5% in after hours trading. The stock had topped $900 for the first time in mid-May as investors showed renewed optimism the firm

The search giant reported earnings per share of $9.54 on revenue of $14.11 billion for the quarter, a 19% increase in revenue from the same quarter a year ago. However, Wall Street had expected Google to report earnings per share of $10.4 on revenue of $14.4 billion.

Plus, Google reported a 6% year-over-year drop in the average price for cost-per-click for ads it served, presumably due to the increasing number of mobile ads it serves at a lower cost.

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