Mountain View, Calif. - Shares of Google (NASD: GOOG) fell more than 9% -- roughly $50 -- by late Friday after the Internet giant posted second quarter earnings that fell well short of Wall Street expectations.

The company reported net income of $1.25 billion, or $3.92 a share, up about 35% from a year ago, but -- excluding one-time costs -- still about $0.11 shy of consensus analyst estimates, according to a survey by Thomson Financial.

Still, the company remained upbeat.

"Strong international growth as well as sustained traffic increases on Google's web properties propelled us to another strong quarter, despite a more challenging economic environment," said Eric Schmidt, Google's CEO.

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