Google Earnings Leak: Blog Recap
Conference call comments from Google CEO Larry Page have been added to this story, along with the company's updated share price.
NEW YORK (TheStreet) -Google (GOOG) shocked investors when its third-quarter results leaked out shortly after 12 PM ET on Thursday.
The Internet giant blamed supply chain and printing specialist R.R.Donnelly (RRD) for the embarrassing leak.
"Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization," explained Google, in an email to TheStreet. Google made only the briefest of references to the snafu during its earnings conference call after market close. Larry Page, the Google CEO, apologized for what happened at the start of the call, adding only that "our printers sent out the release early." Further adding to the Internet giant's bad day, Google missed both Wall Street's top and bottom line estimates. The Mountain View, Calif.-based firm earned $9.03 a share on revenue of $11.33 billion during the third quarter. Analysts surveyed by Thomson Reuters were looking for earnings of $10.65 a share and sales of $11.862 billion. Google shares plunged immediately following the earnings leak, tumbling 9% to $687.39. Trading in the stock was then suspended for a chunk of the afternoon. When trading finally resumed, the company's shares ended the day down 8.01% at $695. Google shares crept up 1.05% to $702.29 in extended trading. --Written by James Rogers and Chris Ciaccia in New York. Follow @jamesjrogers Follow @commodity_bullSelect the service that is right for you!
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