Google’s share prices see a price drop over the last weekend. The reason for this fall was due to a network outage. As trading started on Monday, the prices of the tech giant start at lower prices as the network outage affected Google’s most of the services and third parties.
Before the closing of the market, the share price for Alphabet’s shares was valued at $1,103.63. When the market re-opened, the share prices had gone down by 2.9 percent and were valued at $1,071.45 on Monday.
As per a report offered by CNN, Google’s Cloud service suffered an outage at around 3 PM ET / 12 PM PT, which affected searches, YouTube, Gmail, and many other applications, as well as third-party applications.
This outage gave rise to many angry users. Google’s outage affected Snapchat, some Shopify stores, wherein the users could not process credit cards either, even after the outage was over. Moreover, in regard to YouTube, many users reported issues in signing in and signing out, while they were still watching videos.
As per Google, the outage was caused due to high data congestion in the Eastern US. Furthermore, the issue has now been resolved. In addition to that, Google has promised that it will conduct an internal investigation on the matter and get to the root of the problem.
Although the Eastern part of the US was the area that was affected by Google’s network outage, the effects of the same could be felt in some European countries as well as in some parts of Brazil.
This fall in Google’s share price is the biggest drop over the past seven years. Apart from the network outage, issues such as disappointing sales figures have had the investors in a frenzy, and they have diverted their business to rivals such as Facebook and Amazon.