Google's fourth-quarter earnings report showed the Internet search leader earned less money per click on its ubiquitous online ads.That came as a scary surprise because investors had expected a surge in online holiday shopping in the U.S. would fetch Google Inc. to charge more for its ads. Moreover, the average price declined by 8 percent from the same time in 2010.
Most of the trouble seemed to be caused from Europe, where government debt woes are hurting the economy, said Benchmark Co. analyst Clayton Moran. "I think everyone underestimated how quickly the European online ad market would suffer."
The declining euro also converted into fewer dollars during the quarter period, one of the reasons that undercut Google.
If Google's stock falls as sharply during Friday's regular trading as it did in Thursday's extended trading, the shares will be worth slightly less than they were when Page became CEO.
