Google last night said that its profits for the last three months of 2007 climbed to $1.21 billion, but its stock price sank as the figure fell short of Wall Street expectations.
Google said its gross revenues for the quarter ending December 31 were $4.83 billion, a 51% increase from the same time in 2006.
After accounting for money Google pays other websites for Internet traffic, its revenues for the recently ended period were $3.39 billion.
Profits for the final quarter of 2007 were $3.79 a share compared to $3.38 the same time the previous year.
'We're very pleased with our performance this quarter,' said Google's CEO Eric Schmidt. 'It reflects strong momentum in our core business, growing receptivity to our new business initiatives, and improved discipline in managing our operating expenses,' he added.
