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| Google shares drop on worries over advertising income | Google shares drop on worries over advertising income |
| (35 minutes later) | |
| Shares in Google have dropped 5% despite the technology giant reporting a first-quarter profit rise of 3%. | |
| Profits were $3.45bn (£2.05bn), but investors are preoccupied by Google's inability to maintain advertising prices. | Profits were $3.45bn (£2.05bn), but investors are preoccupied by Google's inability to maintain advertising prices. |
| A widely watched measure, the average "cost per click", was down 9% from a year earlier. | A widely watched measure, the average "cost per click", was down 9% from a year earlier. |
| Another weak spot highlighted in the report was the firm's discounted sale of Motorola Mobility to Lenovo. | Another weak spot highlighted in the report was the firm's discounted sale of Motorola Mobility to Lenovo. |
| Google sold the smartphone maker to Lenovo in January for close to $3bn, after paying $12.5bn for the firm less than two years ago. | Google sold the smartphone maker to Lenovo in January for close to $3bn, after paying $12.5bn for the firm less than two years ago. |
| Despite investors' reaction, Google's chief executive, Larry Page, was upbeat: "We completed another great quarter," he said in a statement. | Despite investors' reaction, Google's chief executive, Larry Page, was upbeat: "We completed another great quarter," he said in a statement. |
| "We got lots of product improvements done, especially on mobile. I'm also excited with progress on our emerging businesses." | "We got lots of product improvements done, especially on mobile. I'm also excited with progress on our emerging businesses." |
| However, Google continues to struggle with its ability to charge advertisers higher prices for mobile ads, which are increasingly important with more and more consumers accessing Google's browser through their smartphones. | However, Google continues to struggle with its ability to charge advertisers higher prices for mobile ads, which are increasingly important with more and more consumers accessing Google's browser through their smartphones. |
| Advertisers have proven reluctant to pay as much for ads on mobile screens compared to Google's bread-and-butter desktop ads, which have been the main revenue generator at the firm. | Advertisers have proven reluctant to pay as much for ads on mobile screens compared to Google's bread-and-butter desktop ads, which have been the main revenue generator at the firm. |