Updated from 2:23 p.m. EDT

Shares of Catapult Communications were among technology's losers Friday, falling 27.8% after the company posted solid second-quarter results but warned that third-quarter results would fall well below expectations.

The maker of digital telecom test systems earned $5.4 million, or 36 cents a share, on sales of $19.1 million. Analysts surveyed by Thomson First Call were expecting earnings of 34 cents a share on sales of $19 million. A year ago the company earned $4.5 million, or 32 cents a share, on sales of $17.2 million. Results in the latest quarter were fueled by strong performance in Europe and further growth in other parts of the world. Looking ahead, the company said its current business conditions suggest "caution." As a result, Catapult forecast third-quarter earnings of 14 cents a share on sales of $14.3 million.

Analysts had been expecting earnings of 25 cents a share on sales of $16.8 million. Higher costs associated with Sarbanes-Oxley compliance and investment in its sales and development staff contributed to the weak third-quarter outlook. Shares traded down $5.54 to $14.42.

Google ( GOOG - Get Report) rose 5.7% after the company posted blowout first-quarter earnings and sales. The company earned $369.2 million, or $1.29 a share, on net sales of $794.5 million, which strips out fees that Google pays to other Web sites in its advertising network. Analysts were expecting earnings of 92 cents a share on sales of $729.8 million. Since going public in August 2004 at $85 a share, shares of Google have climbed by more than 150%. Shares traded up $11.59 to $215.81.

Shares of SanDisk ( SNDK) fell 9.2% after the maker of flash-memory products posted first-quarter sales that fell well below expectations. The company earned $74.5 million, or 39 cents a share, on sales of $451 million. Analysts were expecting a lower profit of 32 cents a share on sales of $467.2 million. A year ago the company earned $63.6 million, or 34 cents a share, on sales of $386.9 million. Shares traded down $2.56 to $25.32.

Dionex fell 11.8% after the company posted third-quarter results that were below expectations. The company earned $12 million, or 56 cents a share, on sales of $70.8 million. Analysts were expecting earnings of 62 cents a share on sales of $76.3 million. A year ago the company earned $12.4 million, or 56 cents a share, on sales of $70.7 million. Looking ahead, the maker of chromatography systems forecast fourth-quarter earnings of 49 cents to 55 cents a share on sales of $69.5 million to $72.5 million. Analysts had been expecting earnings of 59 cents a share on sales of $75.8 million. Shares traded down $5.99 to $44.63.

Shares of Hutchinson Technology ( HTCH) rose 12.7% after the company posted second-quarter results that were ahead of expectations. The disk-drive component maker earned $15.1 million, or 51 cents a share, on sales of $158 million. Analysts were expecting earnings of 47 cents a share on sales of around $150 million. A year ago the company earned $9.6 million, or 33 cents a share, on sales of $113.4 million. Looking ahead, Hutchinson forecast third-quarter earnings of 60 cents to 70 cents a share on sales of $175 million to $185 million, well above the 39 cents in earnings and $144.9 million in sales that analysts had been expecting. Shares traded up $4.15 to $36.93.

Other technology movers included Microsoft ( MSFT - Get Report), down 30 cents to $24.98; Intel ( INTC), down 12 cents to $23.24; Oracle ( ORCL), down 25 cents to $11.92; Cisco ( CSCO), down 25 cents to $17.43; Sirius Satellite Radio ( SIRI - Get Report), down 4 cents to $5.10; Yahoo! ( YHOO), down $1 to $34.87; eBay ( EBAY), down $1.57 to $31.51; Apple Computer ( AAPL), down $1.68 to $35.50; and Lucent Technologies , down 5 cents to $2.52.