Google, part of our Global Opportunities portfolio,  reported earnings after the close today. It looks like revenue was a little below expectations while the bottom line beat. The stock is up about $30 in after hours trading. Highlights from Barron’s:

Revenue in the three months ended in December rose 36%, year over year, to $11.34 billion, excluding the cost of “traffic acquisition,” or TAC,yielding EPS of $10.65.

Analysts had been modeling $12.32 billion and $10.55 per share.

Google’s owned search sites’ revenue of $8.64 billion was up 18%, trailing the 19% growth of network partners, at $3.44 billion.

“Paid click” growth was 24%, year over year, and 19%, quarter to quarter, the company said.

The “cost per click,” the rate Google makes money on those clicks, fell 6%, year over year, and rose 2% from Q3′s level, Google said.

We’ll be looking at this in more detail and post an update later.

For information on Alhambra Investment Partners’ money management services and global portfolio approach to capital preservation, Joe Calhoun can be reached at: jyc3@4kb.d43.myftpupload.com or   786-249-3773.

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