A stronger-than-expected U.S. Dollar caused another tech corporation to miss analyst earnings targets. The latest victim is none other than Google.
The Internet giant reported a net income of roughly $3.59 billion, or $5.20 per share (statement).
Non-GAAP earnings were $6.57 per share on a revenue of $17.26 billion, up 12 percent year-over-year.
Wall Street was looking for earnings of $6.61 per share on a revenue of $17.50 billion.
That figure includes traffic acquisition costs. Excluding TAC, revenue rounded out closer to $13.9 billion -- just short of analyst expectations at $14 billion.
Google CFO Patrick Pichette, who recently announced his imminent retirement, attributed the miss to ever-persistent currency fluctuations, defending annual growth could have been as high as 17 percent.
"We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers," Pichette added in prepared remarks.
Google saw substantial growth elsewhere on the Q1 report published right after the closing bell on Thursday evening.
Paid clicks on Google websites grew 25 percent year-over-year, fueling total Q1 advertising revenue to just under $15.51 billion, up 11 percent in the same time frame.
For the current quarter, Wall Street expects Google to return with earnings of $6.77 per share and $18.05 billion in revenue.
Image viaGoogle Investor Relations