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Google earnings fall - stock plunges 9 percent

Posted on Thursday, October 18 2012 @ 21:17:41 CEST by

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Google unexpectedly released its third-quarter results, sending the company's stock plunging by more than 9 percent to $687.30 due to a big miss in earnings. The search giant blames R.R. Donnelley, the company's financial printer, for filing the draft 8K earnings statement without authorization. The report was originally scheduled to be disclosed after the closing bell. Google shares ceased trading, saying it would release the full report once it's finalized.
BGC Partners analyst Colin Gillis labeled the early release an “unprofessional” move, which “created panic in the market.”

Google reported a third-quarter profit of $2.18 billion, or $6.53 a share, compared with a profit of $2.73 billion, or $8.33 a share, for the year-earlier period.

Revenue, minus traffic acquisition costs, was $11.33 billion, up from $7.51 billion in the year-earlier period. Adjusted profit was $9.03 a share. Analysts were expecting an adjusted profit of $10.63 a share, on revenue of $11.39 billion.

It was Google’s first full quarter following its acquisition of Motorola Mobility and the impact of the merger was evident in the results which showed $527 million operating loss for Motorola Mobility.
Full details at MarketWatch.



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