We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

New York Stock Exchange (File photo) AP Photo/Richard Drew

Google shares plunge as bad results are released prematurely

Shares fell more than 9 per cent in Google after it mistakenly filed its latest earnings too early.

SHARES IN GOOGLE have fallen sharply after the internet giant mistakenly filed its latest financial results too early, showing worse-than-expected earnings.

Google had been due to announced its third quarter financial results after the closing bell rang at the New York Stock Exchange at 4pm (New York time) today. However a draft of the announcement was instead published at around 12.30pm.

The announcement included the words ‘PENDING LARRY QUOTE’ at the top of the announcement, where Google CEO Larry Page would have given a quote about the results.

The shares fell due to the bad results, rather than the premature filing; company results are usually released when markets are closed precisely so they do not have an immediate knock-on effect on the share price of the company.

Google is blaming financial printing company RR Donnelley for the mistake in releasing the incomplete statement Business Insider reports. Google shares ceased trading on the NASDAQ shortly after the mistake was realised in order to prevent a further drop in the share price.

The premature results showed that Google’s revenue was almost half a billion lower than expected, coming in at $11.33 billion rather than the expected $11.83 billion (around €9.05 billion).

Google’s core adjusted operating profit was $3.95 billion, slightly down on the expected $4.1 billion.

Google has $45.7 billion cash on hand and employs 53,546 people around the world as of the end of September.

Google’s share price dropping at around 12.30pm today. (Image: Google Finance)

Read: Web summit hears: Sex please, you’re Irish >

Video: Have you ever wondered what a Google data centre looks like >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.