Google's profit quadruples, bowls a new Googly

Televisionpoint.com Team
Web search leader Google yesterday said that its quarterly profit more than quadrupled, fueled by growth in search advertising, but shares fell 5% as revenue failed to match some high hopes and the company said summer doldrums were hitting business.

For the second quarter, Google posted net profit of $342.8 million, or $1.19 a share, up from $79.1 million, or 30 cents per share, a year ago and topping average Wall Street targets by 7 cents per share. But that fell short of recent outsize gains by Google, which went public in August and beat analysts’ consensus profit estimate by 65% in the quarter ended in March.