Wire reports

SAN FRANCISCO — Google’s second-quarter earnings growth fell below analysts’ estimates as the stronger dollar dragged down the Internet search leader.

The news sent Google shares down some $17, or 3.5 percent, in after-hours trading.

The results after the markets closed may amplify investor concerns that have weigh on Google’s stock this year.

Google Inc. (Nasdaq: GOOG) earned $1.84 billion, or $5.71 per share, in the three months ending in June. That was up 24 percent from the same time last year, but lower than the rate of growth in the first three months of the year.

In an encouraging sign for the overall economy, marketers paid more for the online ads that generate virtually all of Google’s income.
People also clicked on the ads more frequently.

Those trends indicate more companies and shoppers are feeling a little better as they recover from the worst economic downturn in more than 70 years.

Google reported total revenues of $6.82 billion, up 24 percent from the same quarter in 2009. Minus total acquisition costs, or TAC, net revenues were $5.09 billion.

Minus one-time expenses, net income was $2.08 billion, or $6.45 per share, up from $1.71 billion a year ago.

Analysts had told Thomson Reuters that they expected a $6.52 net profit and $4.99 in net revenue.

“Google had a strong second quarter,” said Eric Schmidt,Google’s chief executive officer, in a statement. “Solid growth in our core business and very strong growth in our emerging businesses drove 24 percent revenue growth year over year. We saw strength in every major product area, as more and more traditional brand advertisers embraced search advertising and as large advertisers increasingly ran integrated campaigns across search, display, and mobile. We feel confident about our future, and plan to continue to invest aggressively in our core areas of strategic focus.”

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