Google Revenue Ex-TAC Misses, EPS Beats, Cost-Per-Click Drops 6% Y/Y

The GOOG algos have gone nuts after hours, but here are the numbers: GOOGLE 4Q REV. EX TAC $11.34B, Exp. $12.36 GOOGLE 4Q AVERAGE COST-PER-CLICK FELL 6% VS YEAR AGO GOOGLE 4Q EPS EX ITEMS $10.65, EST. $10.50 Highlights from the earnings release: GAAP operating income in the fourth quarter of 2012 was $3.39 billion, or 24% of revenues. This compares to GAAP operating income of $3.51 billion, or 33% of revenues, in the fourth quarter of 2011. Non-GAAP operating income in the fourth quarter of 2012 was $4.27 billion, or 30% of revenues. This compares to non-GAAP operating income of $4.04 billion, or 38% of revenues, in the fourth quarter of 2011. Had we included Home, non-GAAP operating income in the fourth quarter of 2012 would have been $4.31 billion. GAAP net income including net loss from discontinued operations in the fourth quarter of 2012 was $2.89 billion, compared to $2.71 billi...