Google Stock Dives as Earnings Report Released Early

Google yesterday joined the slew of companies releasing earnings reports this week with results for the quarter ended September 30. However, the company's results were accidentally released early with some pretty serious consequences.

According to MarketWatch, Google was planning to release its results after the market closed, but an early version of the report, found in an 8-K SEC filing, was released at around lunchtime. Stock was trading at around $755 at the time of the report's release but took a dive, dropping as low as $676 per share in the hours that followed. Google actually halted trading for more than two hours this afternoon in an effort to help things settle down.

Revenue was $14.1 billion compared to $12.21 billion last year, however, Google's GAAP net income for this quarter was $2.18 billion compared to $2.73 billion for the same period last year. GAAP earnings per share were posted as $6.53 EPS (333 million diluted shares outstanding) compared to $8.33 EPS for the same period last year (327 million diluted shares outstanding). 

For the full earnings report, click here.

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  • alidan
    wait... so google pulled in a profit, but because it wasn't as big of a profit as last year, everyone decided to bail out of the company?

    is the stock traid retarded or something? or am i just not seeing the big picture?
  • Other Comments
  • alidan
    wait... so google pulled in a profit, but because it wasn't as big of a profit as last year, everyone decided to bail out of the company?

    is the stock traid retarded or something? or am i just not seeing the big picture?
  • EDVINASM
    Either someone's head will roll or this is just a well thought of exercise.
  • ivanto
    The stock price was trading at the price point of assumed earning. On the stock market, share price reflects forecasted future earnings and future losses. So any news about not matching either the loss or income impacts the stock price to sinck or fly. Makes sense?
    -IvanTO