Reported by Reuters.com:

SAN FRANCISCO, July 19 (Reuters) - Web search leader Google Inc. (GOOG.O: Quote, Profile , Research) on Thursday reported a 28 percent rise in profits that fell short of consensus expectations, despite rapid international growth and market share gains over rivals.

Net income rose to $925 million, or $2.93 per diluted share, compared with the year-ago quarter’s $721.1 million, or $2.33 per share. However, second quarter net income dropped from the $1 billion reported in the first quarter of 2007.

Gross revenue rose 58 percent to $3.87 billion — matching Wall Street’s consensus forecast.

Wall Street was looking for a net profit, on average, of $3.01 per diluted share, according to Reuters Estimates. Excluding one-time items and stock option expenses, the consensus analyst forecast was $3.59 per share.

Google [[GOOG]] is down 33 points, or 6% in after hour trading according to my Zecco platform. The rest of the tech industry seems to be feeling some of the effects from this. LVLT’s down about 0.03 in AH trading as well. It’s a great time to be diversified!

Update: Google’s now down 43 points in after hours trading. I can see Google go below $500 tomorrow morning. I may end up picking some up if that’s the case. I think it’s an overreaction to good, but not great news.