Reading between the lines in the response to the Google numbers: still very impressive growth, and the investment community is perplexed because Google is not providing detailed guidance or otherwise playing by the (often ridiculous and tacit) domain rules -- e.g., how can financial analysts assert Google spent too much when they don't know details about Google's strategic plans or financial projections?
Fine, so Google lost about $11B in market cap since the market close yesterday, after its earnings announcements. It's down to a paltry ~$160B and is, BTW, still generating huge revenue and profit numbers. Google was never one to play by others' rules; it's still full speed ahead in the Googleplex.
Within minutes of Google’s announcement, which was made after the close of markets, disappointed investors sold off Google’s shares in after-hours trading, slashing their value by about $42, or more than 7 percent, to about $506. Shares of Google had risen steadily in recent weeks, in part, on speculation that the company, which does not provide guidance about its expected financial performance, would surpass Wall Street estimates.