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. ...
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