Washington, Jan 20 : Shares in Google dropped by over 10 percent to as low as 575 dollars in an hours trading on January 21 after the company reported record sales, which however fell short of analysts’ forecasts.

The company’s yearly revenues rose by 29 percent and quarterly revenues climbed by 27 percent year-on-year to 10.58 billion dollars.

Its operating profits, however, surged slowly, climbing by six percent from 2.54 billion to 2.71 billion dollars, The Telegraph reports.

Google Chief executive Larry Page termed 2011 as “a great year” for the company, as quarterly revenue “blew past the $10bn mark for the first time”.

He added that Google has “significantly improved velocity in execution” of its projects, and that he is “super-excited” about its growth this year.

The company has stopped investing in around a dozen products and “doubled down on the really big bats,” such as its Android mobile phone operating system and Chrome web browser, he said.

Google + users increased to 90 million users, while 50 million Android handsets were sold during the period.

“There’s definitely some challenges from Europe. Europe seems to be the one area that’s a little bit tricky,” the paper quoted Hamilton Faber, an analyst at Atlantic Equities LLP in London, as saying. (ANI)