Google reports sharp decline in profits
Friday, January 23rd, 2009Google Inc. reported sharply lower fourth-quarter profits Thursday from bad investments, while its core business showed resilience amid the global recession.
The results, which beat analysts’ expectations, were enough to dispel investor concerns about how the company is weathering the gloomy economy. But at the same time, the earnings highlighted the fact that the Mountain View Internet leader isn’t immune from the downturn.
Google said fourth-quarter profit fell 68 percent to $382 million ($1.21 per share), from $1.2 billion ($3.79) a year ago. Much of the decline was attributed to a $1.09 billion charge for soured investments in wireless provider Clearwire and in the AOL Web portal, owned by Time Warner…..