Google Shares Drop 10% - Quarterly Revenue Just $10.58 Billion

Internet search giant Google has announced that its revenue underwent a steady 27 percent growth during the last quarter of 2011.

However, despite that rather impressive figure, the company's revenue for the Q3 2011 failed to meet the expectations of Wall Street. Subsequently, the shares of the Mountain View based tech outfit fell 10 percent during after hours trading.

Earlier, Google had reported its collective revenue for the months of October, November and December 2011 at $10.6 billion, which means the net profit figure rose 6.4 percent to approximately $2.7 billion.

Larry Page, chief executive of Google Inc, expressed his satisfaction with the company's performance, saying: "Google had a really strong quarter ending a great year," BBC News reports.

"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," he added.

However, it seems like analysts were not as excited by the performance of the company during the last quarter of 2011. "Expectations were very high and they have missed that," Trip Chowdhry of Global Equities Research said.

Google also stated that its net revenue for the year increased by almost 29 percent, pushing the figure all the way up to $37.9 billion. The net profit on the other hand rose 14 percent to $9.7 billion.