Google's CFO fired after 11% stock drop

Google has announced the departure of CFO George Reyes and the search for a new candidate for his place. Apparently, the dismissal is due to the fact that the current CFO could not ensure the fulfillment of the planned financial indicators. Nobody officially says about dismissal: he will work until the end of the year, until he finds a successor, and then he leaves on his own.

In the last quarter, advertising revenue grew by 28% compared with the same quarter last year. Profit was $ 925 million, that is, $ 3.56 per share, which was lower than the forecast figure of $ 3.59 per share. Such a microscopic difference, however, caused a real collapse: Google shares fell from $ 555 (July 17) to $ 491 (August 16), that is, by 11.5% per month.



The market is used to the fact that Google is constantly exceeding the forecast, so it painfully punishes it for the slightest weakness. Perhaps the stock price is overvalued and soon we will see a serious decline in quotations.
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Since George Reyes helped bring the company to the stock exchange in 2004, its shares have grown by more than 360%, which has turned Google into one of the most expensive corporations on the planet. In each quarter, Google showed a two-digit increase in turnover. 53-year-old George Reyes worked in the company since 2002.