
'Once Google stops growing, it becomes a "mature" company and its PE ratio will fall from 20:1 to something more like 4:1, meaning an 80% collapse in the company's share price. This would be very bad news for Googlers (whose personal wealth is disproportionately tied up in Google stock) and for Google itself (because many of its key personnel will depart when the shares they've banked for retirement collapse, and new hires will expect to be paid in scarce dollars, not abundant stock). For a company like Google, "maturity" is unlikely to be a steady state – rather, it's likely to be a prelude to collapse.
Which is why Google is so desperately sweaty to maintain the narrative about its growth.'