On Thursday, Google's earnings report -- accidentally released hours ahead of schedule, revealed quarterly earnings that missed expectations for the second time in a year. The stock fell more than 9% when the third-quarter earnings report was released.
Google blamed the incident on the company that prints its financial documents. In a statement, a company spokeswoman said R.R. Donnelley filed Google's draft 8K earnings statement without authorization.
Google reported $14.1 billion in revenue for the quarter, a 45% increase from the same period a year earlier. Earnings per share came in at $9.03, below analyst expectations of $10.65.CEO Larry Page called the quarter "strong," and noted Google's mobile ad revenue as a highlight of the quarter. He said Google's run rate for mobile will be $8 billion this year, compared to $2.5 billion last year. The increase is thanks to revenue from the sale of Google Play content and apps that are now included in the figure. Some analysts have noted Google's mobile advertising revenue picking up as a positive for the company, despite cutting the price target.
Starbucks (SBUX) is trending as the coffee chain has opened its first store in India. The company's first store in India is located in southern Mumbai. In a joint venture with Tata Global Beverages, Starbucks plans to open two more stores in Mumbai next week -- one in the Taj Mahal Palace and another in the Oberoi hotel. Starbucks' foray into the world's second-most populous nation comes as growth slows in the U.S. and as the company struggles in Europe amid a recession.
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