Tech Winners & Losers: Google

Tech stocks were mostly down Friday after Google missed analysts' profit estimates for its second quarter and Microsoft offered a weak outlook for the current quarter.

Shares of Google(GOOG Quote) fell $53.03, or 9.9%, to $480.41 after it reported lower-than-expected EPS for the second quarter. Google acknowledged a slowing economy and investors realized it is not immune to the current environment.

Google earned $1.25 billion, compared with $925.1 million, a year ago. Adjusted for certain items, EPS was $4.63 a share, which was short of analysts' estimates of $4.74 a share. Second-quarter revenue climbed 39% from a year ago to $5.37 billion, but grew just 3% from the first quarter. Adjusted for traffic acquisition costs, revenue came in at $3.9 billion, which was above analysts' consensus expectation of $3.87 billion.

Microsoft(MSFT Quote) lost $1.88, or 6.8%, to $25.64 after it offered weak outlook for the current quarter. Microsoft also forecast increased spending and uncertainty over the state of its online operations and continued tussle to acquire Yahoo(YHOO Quote).

AMD(AMD Quote) plunged 12.6%, or 67 cents, to $4.63 after it reported another huge loss and CEO Hector Ruiz stepped down effective immediately. He has been replaced by President and Chief Operating Officer Dirk Meyer.

AMD posted a loss of $1.19 billion, or $1.96 a share, vs. a loss of $600 million, or $1.09 cents, at this time last year. Analysts were expecting a loss of 52 cents a share, excluding certain charges. Revenue was $1.38 billion, up 0.5% year over year, and below the average analyst expectation of $1.45 billion.