No one lied. GOOG missed analysts' estimates - from the highest to the lowest. It's an indisputable fact, assuming you don't want to argue the earth is flat. Fact is, investors trust management's claim that they assumed costs today to buy earnings in the future. I think it's bunk. But I also think management is sincere and they may be right. GOOG deserves to be down 50 points but the market disagrees and the market is all that matters.