Google had quite a few events in the past week that had an impact on its share price. Google Inc. (NASDAQ:GOOG) has been in a legal battle about the ‘right to be forgotten’ case with the European Court. The case has been on Google’s plate for quite some time and Google till now is figuring out how to deal with it.
Then there was the hacking incident that happened where 5 million Google Inc. accounts of Russian users were hacked. The hack was so big that it was impossible to keep it under wraps; it raised some serious questions about Google’s ability to keep its user data safe and secure. The incident took a toll on Google’s finances at the stock market.
Google regained somewhat by acquiring Polar – a social polling startup company – to inject some life in its social media platform Google+. The acquisition was made for an undisclosed price, primarily to retain the current customers and gather new ones.
Google’s also battling for supremacy with another online digital giant Amazon, which is gearing up to challenge Google’s dominion.
So now let’s see how was Google’s performance last week in the light of all this;
Google opened the market on 8th September, Monday, starting at 586.30 and stepped up to 591.77 by mid day; however it took a few steps back and came down to 586.30. At the day’s conclusion Google closed at 586.72 with minute gains.
The following day Google Inc. opened up at 588.20, then went up by almost one percent but had a drastic drop to 580.00 later on in the day. Google closed the day at 581.01 with a handful of losses.
On Wednesday, third day of the week- Google opened at 581.50 and regained almost two percent through the day. It dwindled down by almost 7 percent to 576.94 later on and at the conclusion of the day went back to 583.10.
Thursday saw Google starting at 580.36, rising one percent to 581.81 by mid day but declined by almost 5 percent to 576.26. At the closing of the market Google regained the lost 5 percent and closed at 581.35.
On the last day of the week, Google had a terrible day, starting at 581.00 and remained slow, only adding .64 percent to its opening number. Later hours brought the bad news of a big decline, bringing Google down to 574.46. At the end of the week Google went home with a pocket full of dips, closing at 575.62
Google largely owe the bumpy ride to the hacking incident. The large breach brought some bad press to the company’s credibility. The incident happened while the EU ruling was in progress. The Ruling decided that Google Inc. (NASDAQ:GOOGL) would have to oblige the people who wanted their data cleared off from the search engine. The whole process is bound to cost Google a lot of time and finances.
