Breaking News from The Globe and Mail
Google shares drop
Tuesday, February 28, 2006
SAN FRANCISCO Google Inc.'s stock fell as much as 13.3 per cent Tuesday morning after chief financial officer George Reyes told investors that growth at the on-line search leader was slowing.
The Mountain View, Calif.-based company's shares fell $27.75 (U.S.) or 7.11 per cent to $362.62 on Nasdaq trading. Earlier, they touched $338.51.
Mr. Reyes told investors at a Merrill Lynch conference that the company would have to find new ways to boost revenues.
The stock had risen $12.98, or 3.4 per cent, in trading Monday to close at $390.38 on the Nasdaq Stock Market amid renewed investor optimism about the company's moneymaking prowess.
Despite the recent rebound, Google's shares remain well below their record high of $475.11 reached in early January.
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