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Google (GOOG - Cramer's Take - Stockpickr) shares were dropping sharply late Thursday after the Net giant shocked Wall Street with a second-quarter earnings shortfall.
The Mountain View, Calif., Net giant made $3.56 a share on a non-GAAP basis. Net revenue, excluding the money Google shares with its advertising partners, was $2.72 billion.
Analysts surveyed by Thomson Financial were looking for a $3.59-a-share profit on net revenue of $2.68 billion.
Shares were off 6% in early postclose trading.
"Our performance once again demonstrates the strength of our core search and ads business," said CEO Eric Schmidt. "The growth in our global traffic combined with our ongoing improvements in monetization resulted in solid revenue growth, even in a seasonally slow quarter."
Looking at the bottom line, Google made $925 million, or $2.93 a share, for the quarter ended June 30, up from the year-ago $721 million, or $2.33 a share. Gross revenue rose to $3.87 billion from $2.45 billion a year earlier.
Google-owned sites generated 64% of total revenues, up 74% from a year ago and up 9% sequentially.
Google's shortfall comes just days after rival Yahoo! (YHOO - Cramer's Take - Stockpickr) was hammered following a soft second quarter and weak second-half forecast.
The earnings shortfall isn't Google's first. But it comes as a surprise because the company, unlike Yahoo!, has been such a steady performer since it came public at $85 a share back in August 2004.
Indeed, bulls might well note that previous profit disappointments have provided good buying opportunities. When Google last missed a quarter back in January 2006, shares tumbled into the $370s in a 15% after-hours selloff.
Late Thursday, Google shares slid $31 to $517.54.