Google missed earnings expectations on Tuesday for the first time since it went public in 2004, CNET News.com reports.
The missed target sent the company’s stock price into a spiral during after hours trading, down roughly 19 percent for a loss of $24 billion in market value, before easing back Tuesday afternoon. At 5:38 p.m. PST, the stock was traded at $381.50, down 12 percent.
The company’s posted fourth quarter earnings missed analysts’ estimates, though its revenue rose from the same quarter last year and met expectations.
Not including traffic acquisition costs–fees paid to partners–the company’s revenue was $1.92 billion, more than 85 percent higher than one year ago.
The company’s fourth quarter earnings per share were $1.22, or $1.54, not including one-time items like stock based compensation charges and a donation. Last year, Google’s Q4 earnings were 71 cents a share. Analysts had been expecting current earnings per share of about $0.20 more.