Google was on track recovering from a $70 drop of its stock after the announcement of fourth quarter results on 31 January, as the company has to to swallow yet another hit today.
During a presnetation at a Merrill Lynch conference in New York, chief financial officer George Reyes told analysts and investors that growth a Google was slowing. Google stock dropped more about 15% from $397 to $338 Reyes’ comments, but recovered substantially in the following trading hours. As of 12:45 pm EST, Google’s stock was trading at $363, down about $27 or 7%.
Google shares are traded well below their record high of $475, which was hit in January.