Google posted its first quarter 2014 earnings on Wednesday and, despite noting a large bump in revenue year-on-year, missed Wall Street expectations. As a result, shares of Google are trading down about 22 points, after closing the day up 20 points.
Google posted an earnings per share (EPS) of $6.27 on revenue of $15.4 billion for the quarter, up 19 percent from the first quarter of last year, but missing Wall Street estimates that called for an EPS of $6.40 on revenue of $15.52 billion.
Google’s paid clicks increased 26 percent over the same period last year but fell a percent quarter-on-quarter. The average cost per click decreased 9 percent from Q1 2013 but was on a par with what Google reported in Q4.
In total, Google said its sites generated 68 percent of its total revenues for the quarter, or about $10.47 billion and up 21 percent over Q1 2013. Partner sites brought in an additional 22 percent of its revenues, or $3.4 billion, and up 4 percent over Q1 2013, while the additional 1.44 billion came in from other sources, a 48 percent bump over the first quarter of last year. Google’s currently sitting on about $59.38 billion in cash, some of which will be used for future acquisitions, like its planned purchase of drone maker Titan Aerospace.