Google Shares Dive

Google shares fell more than 7% in late trading Thursday after it missed second-quarter earnings estimates, a rare stumble for the Web giant.

Excluding one-time costs, the Mountain View, Calif., company earned $3.56 per share for the quarter that ended June 30, 43% over last year but 3 cents shy of the consensus estimate of analysts polled by Thomson Financial.

Sales grew 63% to $2.72 billion after subtracting traffic acquisition costs, the fees its pays other Web sites that carry its ads.

Overall costs rose 68% to $2.76 billion, much of that due to the company's frantic hiring and bigger-than-expected bonuses.