{{Google suffered an embarrassing gaff when its third quarter financial results were accidentally released early, which ultimately led to its stock price falling by more than $60 a share Oct. 18 while the markets remained open.}}<\/p>\n
Times got a bit rocky for Google Oct. 18 as the search company announced that its third-quarter profit totaled $2.18 billion, down from $2.73 billion a year ago. <\/p>\n
However, that wasn’t the worst of it \u2013 Google also suffered an embarrassing early release of its third-quarter Form 8-K report to the Securities and Exchange Commission’s Web site, which meant the financial data was accidentally available four hours before the stock market was set to close.<\/p>\n
That accidental report release triggered an early selloff in Google shares, with share prices dropping by about 9 percent before the sale of shares were eventually halted, according to a report by Barron’s.<\/p>\n
Google’s third-quarter revenue for the period ending Sept. 30, 2012, totaled $11.33 billion, which is lower than the expectations of a survey of financial analysts, who expected revenue of $11.87 billion.<\/p>\n
In his opening remarks during the earnings call with analysts, Google CEO Larry Page said the early report at 12:30 p.m. Eastern time was accidentally caused by the company’s financial printer.<\/p>\n
“I’m sorry for the scramble early today,” said Page. “Our printers have said that they sent out the release just a bit early.”<\/p>\n
Google’s revenue for the third-quarter is listed by the company at $14.1 billion, which is before the deduction of traffic acquisition costs totaling $2.77 billion. Q3 revenue for the same period one year ago totaled $9.72 billion.<\/p>\n
This was Google’s second quarterly earnings report since acquiring its Motorola Mobility unit in May for $12.5 billion. In its second quarter earnings report this past July, Google posted revenue of $12.2 billion, which was a 35 percent year-over-year increase from 2011.<\/p>\n
\u201cWe had a strong quarter,” said Page. “Revenue was up 45 percent year-on-year, and we cleared our first $14 billion revenue quarter. Not bad for a teenager,\u201d alluding to the 14 years since Google was incorporated.<\/p>\n","protected":false},"excerpt":{"rendered":"
{{Google suffered an embarrassing gaff when its third quarter financial results were accidentally released early, which ultimately led to its stock price falling by more than $60 a share Oct. 18 while the markets remained open.}} Times got a bit rocky for Google Oct. 18 as the search company announced that its third-quarter profit totaled […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[101],"byline":[334],"hashtag":[],"class_list":["post-3597","post","type-post","status-publish","format-standard","hentry","category-business","tag-internationl","byline-igihe-reporter"],"bylines":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"contributors":[{"id":334,"name":"IGIHE Reporter","slug":"igihe-reporter","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":null}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/3597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=3597"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/3597\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=3597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=3597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=3597"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=3597"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=3597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}