A lot of investors do not have a MBA and are at a disadvantage of understanding stocks. Slower growth can accelerate higher profits when you take into consideration tax rates and finance implications. Using GAAP rules, GOOG will would look more like a sleek running company with slightly less overhead and more bottom line stability and GOOG can leverage itself against other financial aspects related to search engine ventures. When you understand macro economic conditions against things like amortizaton of assets you can see why slower growth will result in a higher stock price. That may be why you see a lot of retail selling and a lot of institutional buying.
Maybe thats why my husband and I drive a Lexus and you don't.
There is a saying: "Denial ain't just a river in Egypt."
Your post is the a textbook example of rationalization.
Maybe the CFO's comments were not terrible ultimately because it avoided lawsuits down the line when GOOG would continually badly miss expectations, but slowing growth for a company with a significantly overvalued stock is NEVER good.