Google Misses Q2 Earnings Estimates, Stock Drops Below $900

Google reported strong revenue growth for the June quarter, but fell shy of Wall Street's estimates, sending the stock down by as much as 5% in after hours trading

The search giant reported earnings per share of $9.54 on revenue of $14.11 billion for the quarter, a 19% increase in revenue from the same quarter a year ago. However, Wall Street had expected Google to report earnings per share of $10.4 on revenue of $14.4 billion.

To make matters worse, Google reported a 6% year-over-year drop in the average price for cost-per-click for ads it served, presumably due to the increasing number of mobile ads it serves at a lower cost