Google said its second-quarter profit was up 24 per cent over the year - to a healthy $1.84 billion - while sales revenue rose to $6.82 billion from $5.52 billion in Q2 last year.
Snoop-in-chief Eric Schmidt said Google "saw strength in every major product area, as more and more traditional brand advertisers embraced search advertising and as large advertisers increasingly ran integrated campaigns across search, display, and mobile. We feel confident about our future, and plan to continue to invest aggressively in our core areas of strategic focus.”
But Wall Street was left cold by the news. The money men were looking for earnings per share of $6.52. Google delivered $6.45. That hurts if you've got millions of 'em. Some sold. The stock price fell four per cent in after-hours trading last night.
The outfit, as we have noted on numerous occasions, is diversifying into as many areas as it can think of, but remains in essence an advertising company.
This diversification has an overhead, which may be seen in the fact it's hired 1,200 new employees over the past few months bringing the total to 21,805.
Indeed, Google's ad revenue was up, but growth in its search business slowed up somewhat. It delivered 15 per cent more clicks than a year ago, but that number represents a lower growth rate than the company is used to. And while advertisers are paying four per cent more than they were a year ago, last quarter's growth rate was a smug seven per cent
Still, the acquisition trail is likely to continue as promised. The firm says it still has $30.1 billion to play with.