|Quarterly revenues broke the $10bn mark for the first time – at $10.58bn they were up 25 per cent on the last quarter of 2011 – but this was still below analyst’s estimates. Earnings-per-share was $9.50, about a dollar short of where Google had been hoped to be. |
What’s particularly worrying Wall Street is Google’s continuing reliance on advertising for the vast bulk of its revenue, coupled with a steady drop in the cost-per-click price – the amount Google charges advertisers. This fell 8 per cent in the last quarter, on top of an 8 per cent drop the previous quarter. Annual costs were also a couple of percentage points higher.