Google misses slightly on fourth quarter earnings and stock dips

Google’s fourth quarter earnings missed Wall Street expectations today, but only by a slight amount. The stock dipped down 3 percent in after hours trading.

Here are the Q4 numbers:

Revenue minus traffic acquisition costs (TAC):

Analysts expected — $14.61 billion

Google actual — $14.48 billion

Earnings per share (Non-GAAP):

Analysts expected — $7.08

Google actual — $6.88

Cost per click:

On Google.com — Decreased 8 percent in Q4

On Google’s network sites — Increased 6 percent in Q4

As The Information’s Amir Efrati pointed out on Twitter, you can see Google’s true opinion of its fourth quarter earnings by comparing its press releases from former earnings reports. This is the first quarter in a year that Google hasn’t heralded its “strong” and “great” “momentum” and “growth.”

During the earnings call, Google’s CFO Patrick Pichette confirmed that the company has halted its Google Glass project. He explained that Google will pause future projects and reset their strategy when they aren’t having the impact hoped for. This is a change in messaging from the company’s earlier line that Glass was just “graduating” to a new stage of development.

Google also discussed its Chromecast stick, saying it has seen 1 billion cast sessions since the company started selling it. Despite the bullshit metric — number of units sold would’ve been a better number — Chromecast is clearly doing better than Glass.

This story has been updated with information from the earnings call.