The weak economy and the crash in advertising expenditure has taken its toll on the Google's profits in the second quarter too - the company's year-on-year profit increase by 19 percent to $1.48 billion, reflected the slowing growth of the Internet search giant.

The second-quarter revenue of the company increased merely 3 percent to $5.52 billion, which fell short of the average analysts' expectation of $5.49 billion. Moreover, the revenue figures even fell below the first-quarter growth of 6 percent, and were dramatically less than the same-quarter year-before growth of 39 percent.

Not including traffic acquisition costs, Google's revenue for the quarter stood at $4.07 billion.

Commenting on the revenue figures, analyst Colin Gillis, of Brigantine Advisors, said: "People were hoping they would see something around the $4.3 billion range. Google is changing from a topline growth story to an earnings expansion story."

Despite the fact that Google has performed better than its rivals like Yahoo and AOL, the results imply that a recovery of the $24.5 billion U. S. Internet advertising market is still a distant reality. As per the projections of market research firm eMarketer, U. S. online advertising will grow 4.5 percent this year, vis-à-vis the 11 percent growth last year.

Nonetheless, saying that Google's results were "good" given the present scenario, CEO Eric Schmidt added: "It is too early for us to tell when the recovery materializes."