Shares of Google search engine dropped by over 6% in early US trading on April 15. Investors started to sell the company’s securities after the release of its financial report for the first quarter. Officially the report was published April 14, but after stock closing. Therefore, major loss was suffered April 15.
Quarter-wise Google’s net income amounted to $2.3 bn ($7.04 per share), which is 17% more than for the same period of 2010. Google’s gain amounted to $8.08 per share, down from $8.12 expected by analysts. Besides, investors were disappointed by the growth of the company’s operational expenses as they amounted to 33% of the income.
It is worth mentioning that since the beginning of the year Google has been in the negative area. Bloomberg agency notes that Google shares fell down by 2.6% between January 1 and April 14.
As of April 15, shares of the search engine are significantly less attractive than ones of its business rivals. Thus, Yahoo! shares advanced 0.12% in early trading, and Microsoft slipped 0.07%. By 18:15, Moscow time, Nasdaq index decreased by 0.27% to 2753 points.
