02Logo WFAN 1010WINS WCBS tiny WLNYLogo

Business

Google Trading Resumes After Plunge Following Mistaken Earnings Release

Google (file / credit: Adam Berry/Getty Images)

Google (file / credit: Adam Berry/Getty Images)

NEW YORK (CBSNewYork/AP) - Google’s stock plunged after it released its third-quarter earnings report early, apparently by mistake.

The company’s stock was down 7.4 percent in afternoon trading, at $699.51. Google was set to report its results after the market closed. The sudden drop in the stock led its trading to be suspended on NASDAQ.

Trading resumed at 3:20 p.m. and as of 3:24, it was at $697.08 and falling.

In a regulatory filing, Google Inc. says it earned $2.18 billion, or $6.53 per share, during the three months ending in September. That compared with net income of $2.73 billion, or $8.33 per share, last year.

The earnings would have been $9.03 per share, if not for Google’s accounting costs for employee stock compensation and restructuring charges related to the acquisition of Motorola. Analysts polled by FactSet were expecting $10.63 per share.

Revenue climbed 45 percent from last year to $14.1 billion.

Listen Live!

Follow CBS New York

Like us on foursquare

New York City Guides

Tornado Help
Tornado Relief
How to help the residents of Moore, Okla., after the deadly top-of-the-scale EF-5 twister.
 New York City Guides
Food & Drink
The latest on New York City’s diverse dining scene: Restaurant openings, the best meals, and fun takes on food.
 New York City Guides
Nightlife & Bars
From events to the latest cocktail creations, all you need to navigate the extensive NYC nightlife scene.
 New York City Guides
Family & Pets
Plan a weekend getaway with the kids, share tips with fellow parents or find a groomer that suits your pooch.