Company officials stressed that sales growth was due in large part to growth of new businesses. "We experienced continued solid growth in our core, but also very strong growth in our emerging businesses year over year," Chief Financial Officer Patrick Pichette said on an Thursday. "(For) YouTube specifically, we continue to see very impressive growth as brand advertisers also consider it a must-buy." Investors have been waiting to hear news about growth in Google's non-search businesses. Even so, the decline in share value Friday as investors dumped Google stock resulted in more than $14 billion of market capitalization (share value multiplied by the number of shares on the market) evaporating. Market analysts this week also delivered bad news for the PC market. Global PC shipments declined 3.2 percent during the first quarter of 2011, to 81 million units, compared to the same period last year, . IDC had expected 1.5 percent growth.

Contributing to the PC slump were factors including cautious spending by businesses recovering from the recession, a lack of new technology on the market as well as macroeconomic issues such as rising fuel prices and the disruptions in Japan component supplies, IDC said. Gartner also reported a slump in PC shipments.

While shares of PC makers like Hewlett-Packard and Dell slumped in the wake of the reports, chip makers are ending the week on a positive note. Trading in Nvidia shares was heavy Friday, with company shares closing at $18.72, up $0.21. Intel shares closed at $19.73, up by $0.15.

The continuing confidence in chip makers is likely due to booming sales of smartphones and tablet devices. On Thursday, the Semiconductor Industry Association (SIA) said that of $319 billion this year and $330 billion in 2012, as orders increase for mobile devices such as smartphones and tablet PCs.

Optimism about tablets may end up helping Research in Motion, even though its BlackBerry PlayBook tablet, to be released next week, was largely panned by critics. In trading right after the markets closed Friday, RIM shares moved up by $0.20 to $53.60, more than making up for a decline during the day.