Google Gored After Shortfall (Update 2)

Updated from July 17

SAN FRANCISCO -- Just when Google(GOOG Quote) had managed to erase doubts about its ability to perform in a down economy, now it must start all over again.

The tech giant missed Wall Street's estimates for the second quarter, sending the stock price back near levels where it had hovered in April, when investors had anticipated a weak first quarter.

Google proved investors wrong by topping first-quarter estimates, but could not pull off a similar performance Thursday when reporting second-quarter numbers. As a result, shares took a beating, falling 8% to $490.23 in after-hours trading. ...