The CEO also cited mobile display, mobile search and apps as being the primary revenue drivers for mobile. 11 billion apps have been downloaded so far from the Android Market, according to Google.
Google, of course, also plans to ramp up its mobile efforts through its
$12.5 billion purchase
, expected to close later this year.
BGC Partners' Gillis said investors may want to be on the sidelines until the second half of 2012.
"The stock is seasonally stronger in the second half, and the pending
acquisition leaves it dead money until the summer time," Gillis said over the phone.
When asked if the
social media effort was a bust, though, Gillis said Google needs the customer data that comes out of Google +. The social networking initiative now has 90 million users, more than double from the previous quarter, according to Google.
Speaking during the company's quarterly conference call, Google CEO Larry Page said that 60% of G+ users sign in daily, and 80% sign in weekly, but acknowledged that the service is in the early stages of monetization.
Regulatory concerns may also be an issue going forward, however, with Gillis noting that Google appears to be favoring its own properties with its new search initiative, Search Plus Your World, instead of
. That could lead to regulatory problems down the road, he warned.
Google shares closed down $53.37, or 8.38%, at $586 on Friday.
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Written by Chris Ciaccia in New York
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