Google released its earnings for the 4th quarter of 2007, that missed Wall Street estimates, sending the stock tumbling after hours.
Google which went up $16 a share today, sank $46 points after earnings were released and now sits at $518.
Google is now well below its all-time high of $747 last November.
Google reported that its fourth quarter revenue came in at $4.83 billion, up 51% from a year ago. Excluding advertising traffic acquisition costs, the company reported revenue of $3.39 billion, below the $3.45 billion analysts had expected, according to Thomson Financial.
Google posted net income of $1.44 billion, or $3.79 a share, up 17% percent from a year ago. Profits, after backing out certain gains and charges, came in at $4.43 per share, narrowly missing Wall Street’s expectations of $4.44 a share.
missles dont go up forever…they either hit a hard object or curve back around.
Tim
Profits only missed projections by .01 and the stock is down 8%.
Seems like an overreaction
I agree somewhat but stocks like this are a tightly wound spring and ANY move to the down side and the traders run like H E double toothpicks…