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| Google profits trigger concerns | Google profits trigger concerns |
| (about 1 hour later) | |
| Google's profits rose by less than expected between April and June, raising concerns of a slowdown in the online advertising market. | Google's profits rose by less than expected between April and June, raising concerns of a slowdown in the online advertising market. |
| The internet giant posted a 35% rise in second quarter net profit to $1.25bn (£626m) - slightly below forecasts. | |
| The company said its business had held up well despite a more challenging economic environment. | The company said its business had held up well despite a more challenging economic environment. |
| But investors, used to Google outperforming, sent the firm's shares 8% lower in US after-hours trading. | |
| "There's the initial shock of this being the best company in the space and it just fell short, said Colin Gillis, analyst at Canaccord Adams. | "There's the initial shock of this being the best company in the space and it just fell short, said Colin Gillis, analyst at Canaccord Adams. |
| 'Challenging environment' | |
| Google reported a 39% rise in revenue to $5.37bn in the three months to 30 June. | Google reported a 39% rise in revenue to $5.37bn in the three months to 30 June. |
| "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," said Eric Schmidt, Google's chief executive. | "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," said Eric Schmidt, Google's chief executive. |
| The company blamed its below-forecast performance on lower returns from investing its $12.7bn cash pile as a result of volatile interest rates. | The company blamed its below-forecast performance on lower returns from investing its $12.7bn cash pile as a result of volatile interest rates. |
| The number of paid clicks on websites operated by Google and its partners fell 1% from the first quarter. | |
| Stanford Group analyst Clayton Moran said it was evidence "there is a slowdown in internet advertising that's affecting Google". | |
| Google employed another 448 people during the quarter - the fewest hired since the fourth quarter of 2004. |