The rise and rise of Internet search engine Google was supposed to represent the dot.com boom without the bust but the mega-company did the unforgiveable yesterday: It disappointed Wall Street’s profit expectations. The vengeance was swift, reports the New York Times.

The stock price fell 12 percent to $379. The price had seemingly defied gravity reaching $475 in early January.

One analyst tells the paper that the fall came on a sell-off from “momentum investors” who thought it would just keep getting bigger. And when it didn’t, they deserted.

The company has been expanding and making itself into more of an advertising company. Despite very impressive revenue and profits, it has not lived up to the price. Investors can’t say they weren’t warned. When the IPO was announced, management said it would keep close control to ensure that it could take the long-term view and not always be chasing the next quarterly result.