Coming off a stellar first quarter, Google Inc seems to have regained the momentum that it lost shortly after the US recession started in December 2007. But it looks like it?s going to take a lot longer for the Internet search leader?s stock price to rebound to its pre-recession levels. The shares fell nearly 5% late Thursday after the company released first-quarter results that exceeded analyst expectations. Earnings rose 37% and revenue surged 23%.
The latter figure represented Google?s highest growth rate since the summer of 2008. Google rattled investors, though, by adding nearly 800 workers in the quarter, the most in two years, and vowing to spend heavily to hire even more employees, snap up smaller companies and develop more products beyond the Internet search advertising market that generates most of the company?s profits.
Google shares shed $29.10 in Thursday?s extended trading after closing at $595.30.