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.
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 Motorola Mobility (MMI) acquisition leaves it dead money until the summer time," Gillis said over the phone.When asked if the Google + 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 Twitter and Facebook. That could lead to regulatory problems down the road, he warned. Google shares closed down $53.37, or 8.38%, at $586 on Friday. Interested in more on Google? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. --Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV