Google and Advanced Micro Devices shares dropped sharply Friday after earnings reports from the Silicon Valley tech companies fell short of investors' high hopes.
Mountain View Internet giant Google finished at $550.31, down $44.99, or 7.6 percent. After the stock markets closed Thursday afternoon, Google reported profit for its most recent quarter of $1.96 billion, up 37 percent year over year. Revenue climbed 23 percent to $6.77 billion.
Even though the results beat Wall Street forecasts, analysts were concerned that Google was increasing spending too quickly. Chief Financial Officer Patrick Pichette said Google intends to "remain committed to heavy investment in innovation — both to spur future growth in our core and emerging businesses." He said the company has added 800 employees so far this year.
http://www.mercurynews.com/business-headlines/ci_14899037?nclick_check=1
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