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Google's $12.2 Billion Isn't Enough for Wall Street

Stock is down 6 percent after Q1 numbers.

Peter Kafka covers media and technology, and their intersection, at Vox. Many of his stories can be found in his Kafka on Media newsletter, and he also hosts the Recode Media podcast.

As always, Google made a ton of money last quarter. As sometimes happens, it’s not enough.

Google generated $12.19 billion in net revenue in Q1, and Wall Street was looking for something like $12.3 billion or more. Earnings were light, too: $6.27 per share instead of $6.33. So the stock is down — about 6 percent in the first 30 minutes after the numbers hit.

Here’s a chart, via Google’s IR department, that paints a more positive picture of the Google story — we make a staggering amount of money, and we are making much more than we did two years ago.

Another Google consistency — a fantastically dry press release that doesn’t give you any insight to the company. But here’s a boilerplate quote from CEO Larry Page: “We got lots of product improvements done, especially on mobile. I’m also excited with progress on our emerging businesses.”

My colleague Liz Gannes will be listening to the Google guys go into (somewhat) greater detail during the call, so she’ll have more for you in a bit.

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