Nov. 10 (Bloomberg) -- Google Inc., the owner of the most popular Internet search engine, fell to its lowest price in three years after Barclays Plc cut its estimates as the slowing economy is ``finally catching up with Google and search.''

``The search environment has deteriorated,'' wrote Douglas Anmuth, an analyst at Barclays. He now estimates fourth-quarter revenue will be unchanged from the previous quarter at $4.05 billion, compared with the previous forecast for a 3.4 percent increase. He lowered his share-price forecast to $490 from $542.

The New York-based analyst said October was ``weaker than expected,'' lowering his full-year earnings per share estimate for the Mountain View, California-based company by 12 cents to $19.20. He also cut the 2009 forecast 4.4 percent to $20.74 a share. Anmuth kept his ``overweight'' rating.

Google dropped 5.1 percent to $314.27 at 11:59 a.m. in Nasdaq trading, heading for the lowest closing price since October 2005. Before today, the shares had slid 52 percent this year, compared with a 41 percent decline for the Standard & Poor's 500 Information Technology Index.

To contact the reporter on this story: Elizabeth Campbell in New York ecampbell11@bloomberg.net.

Last Updated: November 10, 2008 12:26 EST