Google Profit Misses Estimates on Slower Advertising Growth
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Google Inc. missed profit and revenue estimates for the third quarter as the search provider stepped up spending to reignite slowing advertising sales.
Profit, excluding some items, was $6.35 a share, the company said in a statement yesterday, falling short of analysts’ average projection for $6.53. Revenue, excluding sales passed on to partners, was $13.2 billion, just below analysts’ prediction, according to estimates compiled by Bloomberg.