"Google co-founder Larry Page, who replaced Eric Schmidt as CEO after the quarter ended, has indicated he plans to keep investing in long-term opportunities that may take years to pay off, even if that crimps the company's short-term results.
"Page, known for his aloofness, made a few tame remarks on Google's earnings conference call Thursday before turning the presentation over to the company's chief financial officer, Patrick Pichette, who has been steering the presentations for the past year."
Missing your earning target is generally not good news, but missing profits because you are putting massive amounts of money back in to the company and hiring over 6,000 new people is the kind of thing innovative companies do. Hopefully Google will be able to escape the mindless pressure of Wall Street long enough to continue to lead a new kind of economy that is emerging in technology sector after the financial markets proved themselves to be unreliable. A knowledge economy built on massive investment in human capital.