Wow, this is pretty surprising. I’m not an alarmist, but this is a pretty big miss for Google:

LIVE ANALYSIS: Google Misses Revs/EPS, Stock Plunges - Silicon Alley Insider: “Overall, net revenue decelerated sharply–from 62% growth in Q3 to 52% growth in Q4–after a series of quarters with only modest deceleration. Expect this deceleration to lead to multiple compression: Google’s days of trading at 50X cash flow are likely behind it.”

(Via Silicon Alley Insider .)