Google fourth-quarter revenue misses Wall Street target

SAN FRANCISCO, Jan 30 (Reuters) : Google Inc's  revenue grew 15 per cent in the fourth quarter but fell short of Wall Street's target on declining online ad prices and unfavorable foreign exchange rates.
Shares of Google edged up 0.1 per cent to $510.66 in extended trading after an initial dip on the news.
Google's advertising revenue has come under pressure as more consumers access its online services on mobile devices such as smartphones and tablets, where ad rates are typically lower.
The growing popularity of mobile devices has made No. 1 social network Facebook Inc  a greater threat in the battle for advertisers. Facebook reported on Wednesday that mobile ads on its network doubled year-over-year during the fourth quarter.
Google said on Thursday the average price of its online ads, or "cost per click," decreased 3 per cent year-over-year in the fourth quarter, while the number of consumer clicks on its ads increased 14 per cent.