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Google Announces Second-Quarter Disappointment

by John Paczkowski
Posted on July 17, 2008 at 1:51 PM PT

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Google posted its latest financials Thursday afternoon, and though second-quarter net income rose 35 percent, the company’s results fell short of estimates. The Internet search sovereign reported net income of $1.25 billion, or $3.92 a share, compared with $925.1 million, or $2.93 a share, a year earlier. Net revenue rose to $3.9 billion. Meanwhile, Google’s (GOOG) U.S.-paid clicks for the second quarter rose 19 percent from a year earlier, but fell 1 percent from the first quarter.

Google Chief Executive Eric Schmidt described the the company’s performance as “another strong quarter, despite a more challenging economic environment.” Sadly, investors didn’t quite see it that way. Shares in the company tanked in after-hours trading.

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About John

John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper. Read more »

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