Reuters: Global Markets: Google results, filed by mistake, miss; shares dive

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Google results, filed by mistake, miss; shares dive Oct 18th 2012, 17:39 Tweet Share this Email Print Related News Analysis: How long can Google's shares stay airborne? Wed, Oct 17 2012 Goldman takes less risk, executives strike cautious tone Tue, Oct 16 2012 Apple sets Oct. 23 event, smaller iPad expected Tue, Oct 16 2012 Coca-Cola's revenue misses Wall Street expectations Tue, Oct 16 2012 State Street third-quarter net rises, forex revenue plummets Tue, Oct 16 2012 Analysis & Opinion Motorola loses bid to reshape crucial trial on essential patents Related Topics Tech » Hot Stocks » Asian Markets » Money » Media » An employee rides her bike past a logo next to the main entrance of the Google building in Zurich July 9, 2009. Credit: Reuters/Christian Hartmann SAN FRANCISCO | Thu Oct 18, 2012 1:39pm EDT SAN FRANCISCO (Reuters) - Google Inc inadvertently released its draft quarterly results hours ahead of schedule, significantly missing expectations on both revenue and earnings and wiping 9 percent off the market value of the Internet search and advertising leader. Google said its financial printers, RR Donnelley, filed its draft results statement without authorization. The company said it was working now to finalize the statement. The company, which recently overtook Microsoft Corp to become the second-largest U.S. technology company by capitalization, had been due to release its results after the market close. The second paragraph of the press release merely read "Pending Larry quote," suggesting that space was reserved for comment from CEO Larry Page. Google, which has been struggling to turn around a loss-making cell phone maker Motorola Mobility that it bought for $12.5 billion, reported a 20 percent dive in net income to $2.18 billion. Excluding certain items, it earned $9.03 a share, vastly underperforming the $10.65 analysts had expected, on average. "We have been saying this thing was ripe for a pullback. It's not like they're Google not being Google, but you still have some major issues," said BCG analyst Colin Gillis. "Click prices declined for the fourth consecutive quarter after rising for eight consecutive quarters before then. That's a negative. This is the mobile problem. "The other bit is the Motorola millstone had been ignored by the market, and - boom - now you've got weak revenue from Motorola. When you acquire a business and you're about to whack all kinds of people and close offices, you know what happens to the employees? They take their eye off the ball. Sales are down." Google reported net revenue - excluding traffic acquisition costs - of $11.3 billion for the third quarter, below Wall Street's expectations for about $11.9 billion. The surprise announcement, which had been expected after the market close, pushed its shares down 9 percent to $687.30 before trading was halted by Nasdaq. (Reporting by Edwin Chan in San Francisco; Editing by Bernard Orr) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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