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Google Stocks lose £13.7bn Value

Google shares took a massive plunge after the web giant accidentally released the details of their quarterly performance to the public early.

The mistake is thought to have cost Google £13.7bn, and has confirmed suspicions that the company is suffering the results of decreased revenue from web advertisers. The announcement that Google’s profits were down 20pc was scheduled to take place after the New York Stock Market had closed, but the early release saw a frenzy of panic, causing the stock value to nosedive.

The mistake is thought to rest with one of Google’s partner’s, R R Donelly, who are responsible for the printing of their financial documents, after which Google released the following statement: “We have ceased trading on Nasdaq while we work to finalise the document. Once it’s finalised we will release our earnings, resume trading in Nasdaq and hold our earnings call as normal”.

The amount of money the company has been receiving from individual adverts has fallen, meaning income per click was down about 15pc on the previous quarter. It is thought that the increased use of mobile devices could be a leading factor in this, and Google will have their work cut out to optimize and adapt to the change.

The web giant has committed to cutting costs over the past quarter, after revealing plans to cut staff from some of its divisions. However despite this, costs have shot up by 71pc leaving many analysts ‘alarmed’ by the recent decline of the business.

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