Google loses another $5 billion as internet giant’s shares are hammered again
Google shares fell again on Friday – just 24 hours after $24 billion was lost from the company’s value.
Another $5 billion was wiped from Google as the stock fell once again on the back of a dire set of financial results.
The crash in its share price – due to a shock fall in the amount paid by advertisers – sent ripples through Wall Street, hitting other firms in the same sector.
Shares in Apple, the only technology company larger than Google in market value, fell by around 2.8% during trading.
Facebook, which is another technology stock heavily dependent on advertising for its revenues, saw its shares fall by 0.5% during trading.
The Dow Jones index of trading on Wall Street dipped more than 200 points.
Google’s humiliation began when its figures for the last three months were released prematurely on Thursday afternoon.
It revealed that profits had fallen by a fifth in the last three months – sending shares plunging, closing at $695.
Last night it was down a further 2.5% during trading to around $677.
Google blamed its printers for releasing the results by accident. Speculation was mounting on Friday night that Google could make a legal claim against R.R. Donnelley, the company it pays to put out its financial results.
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