Google's share price drops as it fails to hit targets
Google share prices have dropped after the search giant failed to hit analyst targets for its second quarter results.
Google's shares dropped by almost 10% last night after the search giant reported a profit increase that fell below market expectations.
Despite posting a net profit increase of 35% to $1.25bn (£629m) for the second quarter, profit-per-share, at $4.63, was below Wall Street forecasts of $4.72.
UK revenues were down 1% year-on-year, at $774m (£390m), now representing 14% of Google's total revenues, with the company attributing the slowdown to seasonality.
However, overall revenues from outside the US were up from 48% to 52% to $2.8bn (£1.41bn) year-on-year. Overall gross revenues for Google rose by 39% to $5.37bn (£2.7bn).
Google CEO Eric Schmidt said: "Strong international growth as well as sustained traffic increases on Google's web properties propelled us to another strong quarter, despite a more challenging economic environment."
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