I'm not sure what it was Larry Page said that Wall Street didn't approve of, but it could be either that the revenue was below expectations or the announcement of the stock split to create a new class of non-voting stock. The business will effectively run the same after the stock split so it's hard to see investors getting excited about the stock change.
I have a feeling the stock is down due to the revenue being slightly less than expected. That said, profit was higher than expected, so that would seem to me to cancel out any effect of lower revenue. It's probably more due to the continuing trend of decreasing cost-per-click. It has continued to decline and has fallen by 12 percent year-over-year.
Google's stock is trading down by 4 percent, and that's a fact. Some of the above is speculation, but I have a feeling it's pretty close to accurate. It will be interesting to see how the stock split affects prices. I imagine the non-voting will be quite a bit less than the voting stock. I may even be able to afford to invest in Google.