Crazy Consumer Electronics World: Google points to Nest, other acquisitons as hurting first quarter earnings

Don't worry, guys. Google isn't going hungry tonight.

But it's first quarter earnings weren't quite up to snuff as far as Wall Street was concerned as the search giant only pulled in $12.19 billion (about £7.2b, AU$12.9b) of net revenue, missing investor expectations of $12.3 billion (about £7.3, AU$13.1b). Earnings per share also failed to miss an anticipated $6.33 (about £3.77, AU$6.75) per share, instead totaling just $6.27 (about £3.73, AU$6.68) per share.

Despite the disparity between expectations and reality, Google's consolidated revenue of $15.42 billion (about £9.1b, AU$16.4b) was 19% higher than it was in the first quarter of last year.

You win some, you buy some

Google's financial talking heads fielded question after question from analysts and investors during an earnings call about why figures were lower than expected, and CFO Patrick Pichette and Chief Business Officer Nikesh Arora repeatedly stressed that Google was busy on the buying front.

The company picked up heavyweight Nest and other firms like DeepMind and Boston Dynamics.

The Nest deal cost Google $3.2 billion (about £1.9b, AU$3.4b), and taking on the smart thermostat maker's team also put a dent in Google's wallet. Pichette called out the Nest deal as one of the reason's Google's finances weren't as stellar as most expected.

Google also notably sold Motorola Mobility to Lenovo during the quarter, though it retained arguably its most exciting assets, including the team behind Advanced Technology and Projects, which is developing its Project Tango and Project Ara smartphones.