Last year on July 19th, Google Inc. (GOOG) managed to lose $13 Billion in after hours trading. That’s a pretty amazing amount of cash, if you ask me. However, what’s even more amazing is the fact that today, just a mere 2 days shy of the one year anniversary of that event, somehow, they managed to lose $13 Billion, after hours, again.
According to Techcrunch, the drop immediately followed Google announcing their Q2 results today, after the market had already closed. Techcrunch reported this as Google’s “largest one-day fall in stock price since it went public in 2004”:
Todays fall is an indication that the economic slowdown is affecting Google, which has experienced its largest one-day fall in stock price since it went public in 2004. -TechcrunchIT
However, the fall last year was a $46 drop (closing $548.59, then dropping to around $502.47), whereas tonight as of 5:47pm EST Google has only dropped $42.43. With 314.09 million shares out there, that’s still a ton of cash.
Seeing as how the exact same kind of shareholder panic happened the year before, maybe they should have just waited till the weekend to announce their bad news this time. 😀