Google reported slightly disappointing results for the second quarter of 2013 on Thursday and the company’s high-flying stock took a slight in after-hours trading.
Including its Motorola unit, Google reported revenues of $14.11 billion and a net profit of $3.23 billion. Although that signifies a 16 percent increase in profits, investors weren’t too pleased with the results as Google’s core business grew weaker than expected. The cost-per-click for Google’s search ads fell 6 percent from last year’s second quarter, resulting in the weakest revenue growth since 2009.
Google’s CFO Patrick Pichette blamed the CPC drop in part on the ongoing shift to mobile devices, but pointed out that his company saw an increase in ad clicks, that offset the lower prices.