Google (s GOOG) today announced its financial results for the fourth-quarter and full-year 2008 periods. It was an impressive performance, except:
Google said net income for the quarter that ended on Dec. 31 was $382 million, or $1.21 a share, compared with $1.2 billion, or $3.79 a share a year ago. It included one-time charges of $1.09 billion to account for the declining value of Google’s investments in Clearwire (s CLWR) and the AOL unit of Time Warner (s TWX). (via the NYT).
Those weren’t their first bad investments, either. Remember the broadband-over-powerline company, Current Communications? Sure Google is good at making money off online advertising, but when it comes to investments: not so good.