It’s earnings season, and investors got an unpleasant surprise from Google: an increase on its spending estimate, to as much as $205 billion – from the last quarter’s projection of up to $190 billion. Even the lower end of Google’s new projected range – $195 billion – is much more than the company had previously forecast as its top end spending. Now, look, I recognize that there’s an impulse to say things like “What’s $15 billion between friends?” but from an investor’s perspective, Google has essentially said that it can’t accurately forecast its costs, which is a scary thing. Plus, Google is spending more money than it’s making. And Google …
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