Jeremy Hermanns dot org

A great article from Nathan Weinberg at Blog News Channel…check it out:

Google stock has plummeted on what the market is calling a bad earnings report, falling over $46 in after-hours trading. GOOG fell from a closing price of $548.59 to around $502.47, an 8% drop that wiped out $13 billion in shareholder value.

Reuters called the earnings report “disappointing”.

Jeffrey Lindsay, analyst at Sanford C. Bernstein, says Google is blowing it on expenses, spending too damn much money. “These guys have been spending like drunken sailors.”

Google CEO Eric Schmidt, displaying an incredible amount of arrogance or insularity (pick one), acted in a statement like Google didn’t slip at all. While yes, the market is over-reacting, it is still reacting to a down quarter, and to not notice that it was a down quarter is just stupid.