(MarketWatch) -- Google Inc. shares fell late Thursday, losing grip of gains that had arrived following the search giant's better-than-expected quarterly results.
The stock was last down 0.7% at $388.50 after trading more than 5% higher in the wake of the company's report of net income of $1.4 billion, or $4.49 a share. Last year, Google made $1.3 billion or $4.12 a share. Net revenue was $4.07 billion for the most recent period.
On a conference call, the company said its business model demonstrated resilience during the period, but that it's "absolutely" feeling the impact of the economic downturn.
Earnings at Google excluding special items were $5.16 a share. Analysts had expected Google to post earnings excluding special items of $4.93 a share on $4.08 billion in net revenue, according a Thomson Reuters survey of analysts
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