Google quarterly results disappoint despite net income climbing to $US3.45 billion

Google’s first quarter results have disappointed investors, despite a jump in net income to $US3.45 billion, up from $US3.35 billion for the same quarter a year earlier.

Google revealed revenues for the March quarter stood at $15.42 billion, up 19% from the $12.95 billion in revenues it reported for the same quarter last year.

More than two-thirds of the internet giant’s revenues were generated through its own network of sites, which recorded total revenues of $US10.47 billion, a 21% year-on-year increase.

The figures included a net quarterly loss of $US198 million linked to the sale of Motorola Mobility off revenues of $US1.45 billion.

Google is currently in the process of offloading the troubled smartphone maker to Chinese electronics giant Lenovo in a deal announced earlier this year.

Meanwhile, Google reported its partner sites generated $US3.40 billion of revenues, while “other revenues” accounted for 10% of its results or $US1.55 billion.

Google employs 49,829 full-time staff worldwide (46,170 in Google and 3659 in Motorola Mobile), again up from 47,756 (43,862 in Google and 3894 in Motorola Mobile) last year.

The tech giant also holds $US59.38 billion in cash, up slightly from $US58.72 billion last year, despite a number of major acquisitions, including Nest.

In a statement to investors, Page praised Google’s performance as “another great quarter”.

 “We got lots of product improvements done, especially on mobile. I’m also excited with progress on our emerging businesses,” he said.

However, according to Reuters, Wall Street was not impressed with the result, selling Google’s stocks down 5.7%.

The results were published just two days after the tech giant announced its takeover of drone manufacturer Titan Aerospace.