Google's Q3 earnings leak early; stocks plummet over 9%
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Google's Q3 earnings leak early; stocks plummet over 9%

Last Updated: Friday, October 19, 2012, 10:33
 
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Google's Q3 earnings leak early; stocks plummet over 9%
Zeebiz Bureau

New York: Google's stocks plunged after it released its third-quarter earnings report early, apparently by mistake.

Google blamed the misfire on an unauthorized filing by its financial printers, RR Donnelley & Sons Co, and later confirmed the numbers' accuracy.

Shares of Google, the world's No. 1 Internet search engine, finished Thursday's regular trading session down 8 percent at USD 695 after a brief trading halt. Some analysts said the inadvertent results release spurred confusion and exacerbated its stock price decline.

In a regulatory filing, Google Inc said it earned USD 2.18 billion, or USD 6.53 per share, during the three months ending in September. That compared with net income of USD 2.73 billion, or USD 8.33 per share, last year.

The earnings would have been USD 9.03 per share, if not for Google's accounting costs for employee stock compensation and restructuring charges related to the acquisition of Motorola. Analysts polled by FactSet were expecting USD 10.63 per share.

Revenue climbed 45 percent from last year to USD 14.1 billion.

With Agency Inputs



First Published: Friday, October 19, 2012, 10:33


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