Google quarterly results miss expectations

Google on Thursday released its 2011 fourth fiscal quarter earnings report, with results missing analysts' expectations although its quarterly revenue topping 10 billion U.S. dollars for the first time in the company' s 13-year history. The Mountain View, California-based company posted revenue of 10.58 billion dollars for the quarter ending Dec. 31, 2011, an increase of 25 percent on a year-on-year basis. Google's net revenue, excluding traffic acquisition costs, came in at 8.13 billion dollars. It had a profit of 2.71 billion dollars, compared to 2.54 billion dollars in the same period the previous year. Earnings per share, excluding certain items, was 9.50 dollars The average estimate from analysts polled by FactSet is 10.50 dollars per share, excluding the company's expenses for its employees' stock compensation. Net revenue was expected to rise 31 percent to around 8.4 billion dollars after subtracting ad commissions. Google's shares fell about 10 percent in after-hours trading after the results were released. "Google had a really strong quarter ending a great year. Full year revenue was up 29 percent and our quarterly revenue blew past the 10 billion dollar mark for the first time," said Larry Page, chief executive officer of Google, in a statement. "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. By building a meaningful relationship with our users through Google+ we will create amazing experiences across our services. I'm very excited about what we can do in 2012 -- there are tremendous opportunities to help users and grow our business," he said. Google hired some 7,000 people last year, the most intense hiring spree since it started in a rented Silicon Valley garage in 1998. With advertising programs as its largest revenue source, Google has also become a major player in mobile software, e-mail, Web browsers and online video. On Thursday, the Internet search giant was named the "best company to work for in America" by Fortune magazine.