Google Stock Plummets During Apple’s WWDC UnveilingBy: Shawn Hess - June 11, 2012
You know it’s true, Google has just never been able to rival the excitement Apple generates with the unveiling of new products. Today is no exception.
As Apple addresses to 2012 Worldwide Developers Conference in San Francisco, consumer’s eyes are glowing with images of new Apple products, and as interest in Apple surges, Google’s stock is diving deep on the stock market.
Today, Google opened trading on the Nasdaq at $584, currently they are trading at $568. That’s a sizable decrease at more than $16. It seems as the conference progresses so does the decline in Google stock prices. To be fair, Apple stocks are also falling, just not at the same rate.
Today, Apple opened at $587, and it is currently trading for around $573 on the Nasdaq. As I write this, prices are on the rise.
One major cause for the decline could be that Android’s huge growth period in the smartphone market seems to be coming to a head. After all, the iPhone has been eating away at Google’s Android market share since the release of iPhone 4S. Not to mention, creating apps that will work on the wide-variety of Android equipped devices can be a daunting task, especially considering all the different configurations. Apple definitely has them beat there. In the end, people might just switch to Apple or try out one of the up and coming competitors.
So, as Apple adds more features (such as maps) to compete with Google’s offerings, one can see advertising and traffic slipping away from Android and Google in general.
The competition is heating up, and I guess it shows in investor’s behavior as well as Apple follower’s shining faces. Don’t forget to check out our coverage of the 2012 Worldwide Developers Conference throughout the week.