Market disappointed at Google performance Shares fall as quarterly results announced

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1 February 2008 13:05 GMT / By Katie Scott

Google has announced that its profits were up 17% to $1.21bn (£608m) for the 3 months to the end of December.

Google's sales for the quarter were $3.39bn, which was up 52% but not as much as analysts were hoping.

So far this year, the company's shares have fallen more than 18% on concerns that the slowing US economy will cause advertisers to cut back on spending, says the BBC.

The news service adds that investors have become used to Google reporting constantly strong profit growth and these latest results are being read as showing that even Google may be hit by the US economic slowdown.