Google mistakenly releases Q3 2012 numbers early [Update]

Earnings announcements from publicly traded companies are supposed to go like clockwork in this day and age. Usually they show up before the start of a trading day or just after the stock market closes. Today, the third quarter financial numbers for Google were posted up publicly in the middle of the trading day today.

Reuters reports that the results were posted up about four hours ahead of time. Google put the blame finger on its financial printers, RR Donnelley, which the company claimed posted a draft of Google's results without their approval.

The report said that Google's revenues for the third quarter came in at $11.3 billion, below the expectations of financial analysts who thought the company would have revenues of $11.86 billion for the quarter. Google had a profit of $2.18 billion for the quarter, which was down 20 percent from the same period a year ago.

The early announcement caused Google's stock to plummet on the NASDAQ market. Google announced they would halt trading temporarily, but not before the stock price went down by over nine percent. Google said it will hold its quarterly financial conference call as scheduled at 4:30 pm later today.

Update: Trading has now resumed but Google's stock price is still trading over eight percent lower as of this writing

Source: Reuters
Oops image via Shutterstock

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15 Comments

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when your business model depends on 1 revenue stream, you're just asking for this to happen. and because google can't make a good product that people are willing to pay for, it resorts to giving it away to get marketshare...which in turns nukes their potential to ever generate revenue as they have to resort to their one and only trick: ads.

@Bloomberg tweeted "BREAKING: Google shares resume trading at 3:20pm: NASDAQ website"

@Reuters tweeted "Google Inc's shares to resume trading at 3:20pm ET. $GOOG"

@Bloomberg tweeted "BREAKING: Google officially releases third quarter earnings"

@CNBC tweeted "Google to resume trading at 3:20pmET. http://cnb.cx/ReMypx $GOOG"

@Reuters_Biz tweeted "Google CEO Larry Page: "Revenue was up 45% year-on-year, and, at just 14 years old, we cleared our first $14 bln revenue qtr" $GOOG"

Update: @CNBC tweeted "Google officially releases earnings report; Google Q3 Revs. $11.33B ex-tac, Q3 Non-GAAP EPS $9.03. $GOOG"

@Reuters_Biz tweeted "Graphic: A bad day for Google's stock http://bit.ly/VfvmTF $GOOG"

i will always wonder why markets have a knee-jerk reaction to anything that is not considered "stellar" or "amazing". Ups and downs are everyday business but as soon as 1 single quarter is not "above grade" everyone panics and freaks and brings down more people in its fever.

rippleman said,
i will always wonder why markets have a knee-jerk reaction to anything that is not considered "stellar" or "amazing". Ups and downs are everyday business but as soon as 1 single quarter is not "above grade" everyone panics and freaks and brings down more people in its fever.

I dunno, this isn't exactly a small dip, 20% is kinda big isn't it?

FMH said,
Wait, why is Google is doing so badly? Profits dropped by 20%?

More people blocking targeted advertising maybe? Plus they got rid of a few sections so gotta pay redundancy.

spudtrooper said,

Motorola..

Motorola is just part of it, the bigger thing is that ads took a hit. 90%+ of the money Google makes is still from ads iirc.

GP007 said,

Motorola is just part of it, the bigger thing is that ads took a hit. 90%+ of the money Google makes is still from ads iirc.

That too..

And i'm surprised the market *STILL* lets them produce a financial statement that doesn't have a line item for their mobile space. (outside of accounting for motorola)

GP007 said,

Motorola is just part of it, the bigger thing is that ads took a hit. 90%+ of the money Google makes is still from ads iirc.


Motorola made a loss of over half a billion which is equal to Google's decline in profits.