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Wall Street pouts after Google earnings

Despite sales and earnings climb, the numbers fall short of analyst expectations. Stock pounded in after hours trading.

Google's second quarter revenue rose 58 percent from a year ago and profits rose 28 percent on continued strong search advertising sales, but the profit was lower than Wall Street had expected.

In after-hours trading, shares of Google fell about 7 percent to $507.60. In regular trading, the stock closed at $548.59.

Excluding one-time items such as employee stock-based compensation, income was $3.56 a share. Analysts polled by Thomson Financial were expecting income of $3.59 a share excluding items.

Total revenue was $3.87 billion. Excluding traffic acquisition costs, or commission paid to content partners, revenue was $2.72 billion, greater than the $2.68 billion analysts were expecting. Google paid $1.15 billion in traffic acquisition costs.

Google's earnings are in sharp contrast to those on Tuesday. Yahoo saw earnings drop from a year ago on slowing growth in its display advertising business and warned that revenue for the remainder of the year would be lower than expected.

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