In a bizarre and unprecedented leak on Thursday, Google’s
quarterly earnings were posted on the SEC’s website. The report is
both worrying and incomplete — it starts with the phrase “PENDING
LARRY [Page] QUOTE” — and it has sent the company’s stock into a
This might seem odd considering that the report says Google made
$2.74 billion in income last quarter. But that’s lower than
expected, and lower than the same quarter last year. Google’s
overall revenues, on the other hand, are up 45% from the same time
last year, which means that its income is far less in proportion
to how big it is: 19% of revenues last quarter, vs 37% in 2011.
Google is growing, but its profits are shrinking.