Google Slammed In After Hours Trading

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Google Slammed In After-Hours Trading

By: Nathan Weinberg
2007-07-20

Google stock has plummeted on what the market is calling a bad earnings report, falling over $46 in after-hours trading.

GOOG fell from a closing price of $548.59 to around $502.47, an 8% drop that wiped out $13 billion in shareholder value.

Reuters called the earnings report "disappointing".

Jeffrey Lindsay, analyst at Sanford C. Bernstein, says Google is blowing it on expenses, spending too damn much money. "These guys have been spending like drunken sailors."

Google CEO Eric Schmidt, displaying an incredible amount of arrogance or insularity (pick one), acted in a statement like Google didn't slip at all. While yes, the market is over-reacting, it is still reacting to a down quarter, and to not notice that it was a down quarter is just stupid.

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About the Author:
Nathan Weinberg writes the popular InsideGoogle blog, offering the latest news and insights about Google and search engines.

Visit the InsideGoogle blog.


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