Google Declines After Biggest Increase in Costs Since 2008
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Google Inc. shares fell the most since December 2008 after a first-quarter hiring binge and increased marketing led to the biggest jump in operating expenses in three years.
First-quarter operating costs rose 54 percent, outstripping a sales gain of 29 percent to $6.54 billion, the Mountain View, California-based company said yesterday. Profit excluding some items was $8.08 a share, below the average analyst estimate of $8.12 compiled by Bloomberg.