Google Misses Estimates After Boosting Hiring, Marketing

Google Inc., the largest Internet-search company, reported profit that missed estimates after spending more on hiring and marketing amid mounting competition with Facebook Inc. and Apple Inc. The shares fell 5.2 percent.

First-quarter net income climbed 18 percent to $2.3 billion, or $7.04 a share, from $1.96 billion, or $6.06, a year earlier, the company said on its website today. Profit excluding some items was $8.08 a share, below the average $8.12 analyst estimate compiled by Bloomberg.