Google Trading Resumes After Plunge Following Mistaken Earnings Release
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.