Internet industry observers saw consumers shift from using web to mobile devices in accessing the internet. Facebook and Apple looked like they took advantage of this mobile shift, while Microsoft did not quickly respond to it. As for Google, the mobile shift left mixed results.

"Google remains among the most innovative tech concerns, and the best digital advertising tool in our view, however Google's earnings have yet to materially expand beyond search," Daniel Ernst at Hudson Square Research said.

According to research firm Trefis, "We currently estimate that mobile search ads contribute approximately 32 percent to the firm's value." However, the growth from mobile ads has been slow and the company got less on a "cost-per-click" basis, according to analysts. Google also saw a modest rise in profits to US$3.23 billion and shares took a modest hit.

The biggest blow that Google felt this year though was from its Motorola handset unit. The unit was acquired last year for US$12.5 million. However, the final price it paid for Motorola was US$4 billion, after selling off some Motorola assets.

Then, last April, Google lost to Microsoft over patents on Motorola. US District Judge James Robart ruled in favor of the latter. According to the ruling, Microsoft should pay Google US$1.8 million. This was a tad compared to Motorola's asking price of US$4 billion.