Google shares dive after early release of poor earnings
Trading on Google shares suspended after 9% dive in stock price
Computerworld - Google surprised Wall Street today by prematurely releasing a lackluster earnings report hours ahead of schedule. The company's stock dove more than 9% before trading was suspended.
In a filing with the U.S. Securities & Exchange Commission, Google unintentionally released its third-quarter earnings report early Thursday afternoon. The report showed a 20% drop in the company's profits as total costs rose and advertising prices slid.
The announcement brought on a flurry of trading on the stock market. The selloff of Google shares dropped the company's stock price enough that the Nasdaq suspended trading.
Google, which had been scheduled to post its quarterly earnings report after the close of trading today, reported net revenue of $11.33 billion, missing market expectations of $11.86 billion.
In a Google+ blog post today, the company laid the blame on the early release squarely on the company that prints its financial documents.
"Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization," posted Google Investor Relations. "We have ceased trading on NASDAQ while we work to finalize the document. Once it's finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal at 1:30PST."
Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at @sgaudin, on Google+ or subscribe to Sharon's RSS feed . Her email address is email@example.com.
- Google rolls out new +Post 'social' ads
- Google details its Project Ara modular smartphone
- Google pushes I/O registration deadline back to April 15
- Google looks to push Glass into the enterprise
- Google touts extra encryption for Gmail, remains mum on other apps
- Google patches $310K worth of Chrome, Chrome OS bugs
- Google slashes Drive prices by up to 80%
- Chrome users attack Google for zapping unsanctioned Windows add-ons
- Google postpones add-on 'kill switch' for Chrome on Windows
- Google yanks option to restore Chrome's old-style new tab page, riles users all over again
Read more about IT Industry in Computerworld's IT Industry Topic Center.
- Aberdeen Group: Marketing Analytics for Manufacturing: Forging Customer Insights There are no recalls for poor marketing. Manufacturers need to get their customer intelligence and messaging right the first time. Learn how.
- The Brave New World of Customer-Centric Manufacturing The Unique Opportunity for Manufacturers to Better Understand their Consumers
- See the Possibilities Utilizing Data Visualization Do you simply want to collect data, or do you want to derive business insights from it? What if you could quickly and...
Changing the Way Government Works: Four Technology Trends that Drive Down Costs and Increase Productivity
This paper discusses four technology-based approaches to improving processes and increasing
productivity while driving down department and agency costs.
- LIVE EVENT: 5/7, The End of Data Protection As We Know It. Introducing a Next Generation Data Protection Architecture. Traditional backup is going away, but where does this leave end-users?
- On-demand webinar: "Mobility Mayhem: Balancing BYOD with Enterprise Security" Check out this on-demand webinar to hear Sophos senior security expert John Shier deep dive into how BYOD impacts your enterprise security strategy... All IT Industry White Papers | Webcasts