Special Report: Global Financial Crisis

    LOS ANGELES, Nov. 13 (Xinhua) -- Amid a slumping economy, investor pessimism was increasing about Internet giant Google as its stocks fell, it was reported on Thursday.

    Google Inc.'s shares fell below 300 U.S. dollars on Wednesday, marking their lowest level in three years, according to the San Francisco Chronicle.

    Google's shares closed at 291 dollars, down 20.46 dollars, or 6.6 percent, after analysts downgraded the stock based on their forecasts about slower growth in on-line advertising, the paper said.

    "The drop underscores the increasing investor pessimism about the Internet giant in a slumping economy," said the paper.

    Just last year, Google's stock peaked at 714.87 dollars. Wednesday's close represents a 59.2 percent drop from that high.

    Euphoria over the company's phenomenal performance since its initial public offering in August 2004 has turned into skepticism over how it will weather the financial crisis, the paper said.

    Despite the sell-off, Google remains highly profitable and continues to gain market share in search. Wall Street is worried about how much the growth in revenue and profit will slow.