I actually was worried about the economy (especially financial firms slowdown) hitting Google (I don't know if this *is* or is not the "reason" for the "miss") but I was way too early in calling it, if it is the reason for this "slowdown". (Aug 30: Google (GOOG) Can't Get Any Traction - is this Why?) Generally I'm thinking a year ahead of time and it takes time for morass to spread ;)

• Google Inc (NasdaqGS:GOOG - News) posted a 35 percent rise in quarterly net profit, missing Wall Street's consensus forecast, showing the Internet leader may be suffering from a weakening global economy as rivals have.
• The company said it earned $1.25 billion, or $3.92 per share, during the three months ended in June. That represented a 35 percent increase from net income of $925.1 million, or $2.93 per share, at the same time last year.
• If not for costs incurred for employee stock compensation, Google said it would have earned $4.63 per share. That figure missed the average earnings estimate of $4.74 per share among analysts surveyed by Thomson Financial.
• Investors quickly expressed their dismay as Google shares plummeted $36.14, or 6.8 percent, in Thursday's extended trading after closing at $533.44, down $2.16.
• Google's second-quarter revenue fared slightly better than earnings, rising 39 percent to $5.37 billion from $3.87 billion at the same time last year.
• Google offset some of the economic weakness in the United States by showing more ads to Web surfers overseas. International markets accounted for $2.8 billion, or 52 percent, of Google's second-quarter revenue. (this last point is a reoccuring theme - we'll see it over, and over, and over until we are sick of seeing it)
  

And once again folks, need I remind you "technology is a safe haven" (err... that's what the pundits tell me) Google is still a quality, dominant company and a great franchise; I'll probably be interested in it at a certain price not too far from here... we've held it in the past. But this is an expectations game and as I say each quarter, earnings season is a mine field.