Google Plummets 9% on Earnings Miss

Google GOOG released its fiscal fourth quarter earnings results on Thursday after the closing bell. The company reported GAAP net income of $2.71 billion, or $8.22 per share, versus $2.54 billion, or $7.81 per share, in last year's fourth quarter. On a non-GAAP basis, which is comparable to analysts' consensus estimates, Google reported net income of $3.13 billion, or $9.50 per share, compared to $2.85 billion or $8.75 per share, in the year ago period. This missed Wall Street analysts' consensus EPS estimates of $10.49. Revenues were $10.58 billion, without deducting traffic acquisition costs, which was a 25% increase versus last year's fourth quarter. Wall Street analysts had consensus revenue estimates of $8.41 billion heading into the report. In the after hours trading session, GOOG shares have fallen 9.45% to $579.00 as investors react to the company's bottom line miss.