Google Earnings Beat Expectations, but Stock Falls

Nonetheless, the company grew revenue in other areas, such as its Google Cloud Platform.

“Last year we more than doubled both the number of Google Cloud Platform deals over 1 million as well as the number of multiyear contracts signed,” Pichai said. “We also ended the year with another milestone passing 5 million paying customers for our Cloud collaboration and productivity solution G Suite.”

Additionally, this “other revenue” segment accounted for $6.49 billion, which beat estimates of $6.43 billion.

“One of the things that was evident towards end of last year is now our ability to win very large customers, global 5000 companies with multiyear contracts. And so that’s definitely something we want to focus on,” Pichai said. “I think Diane and Thomas have been working closely under transition with a lot of continuity.”

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