Google's latest quarterly earnings report arrived on Thursday evening, and it reveals as much about broader shifts in the tech sector as it does about Google's relative success. And that success is relative. In the first quarter of 2013, Google brought in $3.3 billion in profits, a 16 percent increase over the same quarter last year. Revenue grew by about twice as much — 31 percent, to be exact — to $14 billion which is an impressive number, but it still falls short of analysts' estimates. As such, Google's stock price dipped by half a percent following the news and is hovering around $770 in after hours trading.
More fascinating than those bottom line numbers, however, is the figure that shows how Google's reacting to the larger shift from desktop to mobile. As Google consolidates more and more market share with Android's expansion and gets better and better at selling mobile ads, investors are flocking to the GOOG and abandoning the once invincible Apple stock. "Over the last 12 months, Google's share price has climbed 26 percent," explains Claire Cain Miller at The New York Times, "while Apple's has fallen 36 percent as the company faces flat profits, slowing growth and growing competition from Google's Android phones." In other words, Google is eating Apple's lunch.