Google’s T3 Awards win a bright spark amid mixed financials

Founder Larry Page calls out the firm’s recent Gadget of the Year win at T3 Awards in public statement

It may not have been the best week for Google in terms of financial announcements, but in a public statement CEO Larry Page took solace in the prize his firm picked up last week at the T3 Awards.

The firm picked up Gadget of the Year for the Nexus 7, developed alongside Asus.

“You should all run out and buy the Nexus 7 tablet for $199.  It’s had rave reviews and recently won Gadget of the Year from T3, the gadget experts.  You’ll love the integration with Google Play.  It is an amazing device.”

Google this week posted revenues of $14.10 billion, but a leak of the results early resulted in a sharp decrease in value of shares because the results didn’t meet expectations.

The document showed Google reporting $14.10 billion in revenue and EPS of $6.53, which missed most analyst predictions - they were expecting $14.7 billion in revenue. The stock quickly began to suffer; going down around 9% by the time trading was halted at 12:50 pm US Eastern time.

 All in all revenues were reported as being up 45 percent compared with Q3 2011, but GAAP (generally accepted accounting principles) net income was down 20 percent year-over-year to $2.18 billion ($6.53 per share), as compared with $2.73 billion in Q3 2011 ($8.33 per share). The decline was due to rising costs.

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