NPR blogger Mark Memmott said the stock “fell like an Austrian skydiver,” with share prices plummeting to around $687 each — down about 9 percent — before trading was temporarily halted just before 1:30 p.m. ET yesterday. Google’s “profit declined 20% as total costs jumped and advertising prices continued to slide,” The Wall Street Journal reported.
Ash Kumar, Founder & CEO of TapSense, told Adotas that the news came as “no huge surprise” to him because he feels the company is behind the curve in its mobile strategy.
“Google is currently missing out on more than 90 percent of mobile ad strategies that use in-app advertising as their primary mobile advertising approach,” said Kumar. “it needs to find a way to quickly become app centric. Consumer app adoption is at an all time high and Google’s continued focus on web browser pages and search via its PC-centric approach is quickly becoming obsolete. Today’s report is a clear indicator of that. We see less than 10 percent of our customers using mobile web as part of their mobile strategy and Google’s approach is now out of date.”
“Most of the disappointment came from a business that was almost certain to disappoint — the dying elephant known as Motorola,” Blodget wrote. “Google’s core business, meanwhile, came in just below expectations.”
What’s your take? Leave a comment below and we’ll add your voice to the chorus.