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Google shares drop

Globe and Mail Update

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.

© The Globe and Mail

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