WEB/TECH: Google’s 35 Percent Profit Jump Saddens Wall St.
July 18th, 2008
SAN FRANCISCO, July 17 (Reuters) - Google Inc reported a weaker-than-expected 35 percent rise in quarterly net profit due to lower interest income and higher expenses for foreign currency hedges, driving its shares down 7 percent on Thursday.
While other Internet companies have been suffering from a weakening U.S. economy, Wall Street has come to count on Google to deliver positive revenue and earnings surprises over and above consensus expectations each quarter...