Google, facing its own set of business issues, , down from $2.73 billion a year earlier. Revenue was up 45 percent year over year, at $14.10 billion. But subtracting commissions and other fees paid to advertising partners, revenue was $11.33 billion, below the consensus expectation of $11.86 billion from financial analysts polled by Thomson Reuters.

Google faces rising costs as it bulks up its workforce, ramps up R&D and absorbs Motorola Mobility. At the same time, the price of paid clicks -- the money Google charges advertisers when someone clicks on a search ad -- fell 15 percent during the last quarter. Several analysts appear to be willing to give Google more time to absorb Motorola and make the transition to the mobile world.

 "While the mobile transition is taking longer than anticipated, we believe the long-term opportunity is intact," said Canaccord Genuity Internet analyst Michael Graham in a research note.

Earnings season is not yet over. Next week, for example, Apple and Facebook are due to report, and market watchers will be keen to see positive signs.