You are here: Home - Investing -

Update: Google shares slide 8% after earnings fiasco

Written by:
Shares in Google closed down 8% after the tech giant's third quarter results - revealing a 20% drop in profits - were mistakenly released ahead of the US market close.

The stock plummeted as much as 10% before being hastily suspended as the Q3 results revealed figures well below analyst expectations.

The release showed Q3 net income fell 20% year-on-year to $2.18bn, with net revenue also failing to meet forecasts after rising to $11.3bn from $7.5bn.

An early drafting of the results was filed by financial printing company RR Donnelly ahead of the closing bell, sending Google shares as low as $676. Trading was later resumed and the stock closed down 8% at $695.

A statement from Google said: “Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorisation.

“We have ceased trading on Nasdaq while we work to finalise the document.”

The second paragraph of the statement said “PENDING LARRY QUOTE” indicating the release was still awaiting comment from chief executive Larry Page.

The stock’s poor performance dragged down US markets and weighed on Asia equities overnight.

The S&P 500 closed down 0.2% at 1,457, with the NASDAQ ending down 0.1%. In Asia, the MSCI Asia Pacific index was trading down 0.1% shortly before the close.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Brits cut back on posh coffees to afford their holidays

Brits racked up a huge £158bn a year on ‘lifestyle essentials' in the last year despite a drop in inflation,...