Back in July 2014, our company bought a new domain (new.com). Our existing domain (old.com) had been extensively indexed with over 7 million urls. We followed the instructions on Google's change of address guidelines. We created 301 redirects from old.com to new.com. Since that time our Google SEO rankings have plummeted.
I have been keeping a close eye on the "Links to Your Site" area in GWT. After our change of address we were seeing over 7 million links from old.com. This slowly has been reduced over time but has now been stuck at 3.7 million inbound links for at least a month. I am worried that we are being penalized for this. We have been hoping that the inbound links would eventually fall to a reasonable number close to zero and that our ranking would start to bounce back.
I am hoping for some insight on this and am not sure what else we can do.