Friday, July 18, 2008

Google Shares Plunge 9.77%

Google shares closed down $52.12 to $481.32 on dissapointng earnings.

Google management said economic turmoil in the United States and parts of Europe appears to be causing consumers to click less frequently on the ads that generate virtually all its profits.

Google Chairman Eric Schmidt described the economy as "challenging," in an investor conference call and Google's chief economist, Hal Varian, even participated in the company's conference call for the first time to discuss business conditions.

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