Google is in trouble with European regulators. Wall Street is not thrilled with it either.

谷歌(Google)与欧洲监管机构矛盾不断。华尔街也对其兴致索然。

The Silicon Valley company, which reorganized itself into a holding company called Alphabet last year, fell short of earnings and revenue forecasts on Thursday when it reported first-quarter results.

周四公布今年一季度业绩时，去年重组成名为Alphabet的控股公司的谷歌，利润和营收均不及早前的预测。

Revenue was up 17 percent to $20.26 billion. Net income was $4.2 billion, with earnings excluding certain items coming in at $7.50 a share, compared with analyst expectations of $7.96.

今年一季度收入202.6亿美元，增加17%。净收益42亿美元，除去特定项目的每股盈利为7.50美元，低于分析人士预期的7.96美元。

As soon as the news was out, the stock fell $40, or about 5 percent.

消息一出，公司股价下挫40美元，跌幅约为5%。

One culprit for the disappointing report: aggregate cost per click, a crucial measure of Google’s advertising business, fell 9 percent from 2015.

业绩令人失望的一大元凶是：作为谷歌广告业务关键的衡量指标，平均每点击成本比2015年下降9%。

Nearly all of Alphabet’s revenue and all its profits come from the core Google search and advertising business. Revenue from what the company calls “Other Bets” was $166 million, more than double what it was in the first quarter of 2015. But losses for Other Bets rose to $802 million from $633 million.

Alphabet几乎所有收入和全部盈利都来自核心的谷歌搜索和广告业务。源自“其他赌注”的收入为1.66亿美元，比去年同期增加一倍多。但其他赌注的亏损也从6.33亿美元升至8.02亿美元。

Aside from the troubles in Europe — antitrust authorities there said this week that the company was unfairly using its Android mobile software to promote its products over those of rivals — the last year has been generally sweet for Google fans.

欧洲反垄断机构本周表示，Alphabet利用其Android移动软件推销自身的产品，不正当地打压竞争对手。不过，抛开在欧洲的麻烦，去年总体上对谷歌的追捧者来说相当甜蜜。

The company brought in Ruth Porat from Morgan Stanley as chief financial officer, a sign it wanted to rein in spending. The results for the second quarter of 2015 offered evidence that the core advertising business was succeeding on mobile, igniting one of the largest one-day jumps in capitalization for a Nasdaq stock ever. A reorganization in the fall that separated the core business from the ambitious “moonshots” was met with approval by investors and analysts.

该公司从摩根士丹利(Morgan Stanley)挖来了露丝·波拉特(Ruth Porat)担任首席财务官。这一迹象表明它想控制开支。2015年二季度的业绩证明，核心的广告业务正在移动端取得成功，促成了纳斯达克史上名列前茅的市值单日增幅。去年秋天，公司将核心业务和雄心勃勃的“登月”项目分离，而这一重组得到了投资者和分析人士的一致支持。

Euphoria cannot last forever, though, and recently some headaches have emerged. An inability to release new products has plagued an acquisition, the thermostat company Nest. Bought for $3.2 billion in early 2014, Nest has struggled to expand its product line amid corporate infighting.

但欢乐不会永远持续下去，最近便出现了一些令人头疼的问题。无法发布新产品的情况困扰着被其收购的温控器企业Nest。这家公司于2014年初被谷歌以32亿美元纳入旗下，却因企业内斗而无力扩充产品线。

Another question hanging over Google is its ventures in cloud computing. This is the growth market where Amazon is far ahead and Microsoft is mounting an aggressive challenge.

笼罩在谷歌头顶的另一个问题是其在云计算领域的尝试。在这个成长型市场，亚马逊(Amazon)遥遥领先，微软(Microsoft)也正在发起咄咄逼人的挑战。

Google is far behind at No. 3, or perhaps even No. 4 after IBM, said John R. Rymer, an analyst at Forrester Research. Last fall, Google hired Diane Greene, an industry veteran, to run all of its cloud businesses.

弗雷斯特研究公司(Forrester Research)的分析师约翰·R·里默(John R. Rymer)称，谷歌远远落后，目前处在第三位，甚至是IBM之后的第四位。去年秋天，谷歌请来业内资深人士戴安·格林(Diane Greene)负责所有云业务。

“This is their third try to really become a cloud powerhouse,” Mr. Rymer said. “They certainly seem more serious this time, but we’ll have to see if they move beyond digital natives to airlines, utilities, trucking companies, governments — the enterprises where the real money is.”

“这是他们第三次尝试真的变成一个云巨头，”里默说。“这一次他们看上去的确更认真，但他们是否会从数字原住民发展到航空、电力、载重汽车运输、政府这些真正赚钱的领域，还有待观察。”