Google surprisingly misses earnings estimates

Although the company delivered very strong earnings, Google missed analyst estimates by a large margin, and the company’s stock is currently down over 4 percent as a result.

For the Q2 2013, Google reported revenue of $14.1 billion and net income of $3.23 billion. Analysts had been expecting $3.6 billion in profits and $14.6 billion in sales.

Despite missing estimates, revenue was up 19 percent year-over-year, extremely strong growth for a company worth over $300 billion.

Looking into the numbers, total ad revenue jumped 15 percent and paid clicks were up 23 percent year-over-year.

Google’s hardware division, which includes Motorola Mobility, accounted for a measly $998 million in revenue. That figure is expected to grow with this year’s launch of the Moto X.