Google Q4 Earnings Down 68%
Google on Thursday posted its first declining quarter as a public company, then delivered a blow to Time Warner by writing down the value of AOL, in which Google owns a 5 percent stake.
Google invested $1 billion in Time Warner’s AOL asset in 2005, but said Thursday it has written that down by $726 million, suggesting the value of AOL has fallen from $20 billion in 2005 to about $5.5 billion.
While Google reported fourth-quarter earnings that fell 68 percent to $382 million, investors cheered the results by bidding the stock as much as 2 percent higher in after-hours trading.
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