Google (GOOG) announced results for its second quarter. The Web search giant said earnings came in at $4.63 per share, which was 11 cents worse than consensus estimates of $4.74. Revenues rose 43% year-over-year to $3.9 billion above analysts’ expectations of $3.87 billion. According to Bloomberg, CEO Eric Schmidt said growth on the international level and higher Web traffic helped the company in “a more challenging economic environment.” The company said it saw an approximate 19% increase on advertisements, which was down from a growth of 47% in the year-earlier period.
Google shares dropped as much as 65 dollars, or 12% in after-hours trading
From the Bull Pen: Support exists near $450. Bulls can test the upside should Google reach that level.
From the Bear Cave: Another downside tech play could lie in Akamai Technologies (AKAM). Is the stock tracing out a right shoulder at the $36 level with a $30 neckline?
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