Google Surprisingly Reveals Big Drop In Profits
By PanARMENIAN
Internet giant Google has revealed a big drop in profits, surprising the market by releasing its third-quarter results early, apparently by mistake, BBC News reports.
Third-quarter profits fell 20% on a year earlier to $2.18bn and below analysts’ expectations. Shares in Google fell 9%, with some reports saying that trading in the stock had been suspended.
The company’s results had been expected after the closing bell but were filed early.
The press release, filed with the Securities and Exchange Commission, says “PENDING LARRY QUOTE” at the beginning, referring to Google chief executive Larry Page and suggesting that it was not ready for publication and was released by mistake.
The statement did not include any comments on the reasons for the slump in profits.
Net revenue rose to $11.3bn from $7.5bn, but was still below forecasts.
The slide in Google’s share price took the company’s market value back down below that of Microsoft, which it had overtaken earlier this month.
