Thursday, October 18, 2012

Google Shares Fall on Premature Earnings

From the Wall Street Journal:

Google Inc. GOOG -8.01%prematurely released its quarterly earnings midday Thursday, reporting that profit declined 20% as total costs jumped and advertising prices continued to slide.

The unexpected release, via a filing with the Securities and Exchange Commission, triggered a selloff in Google shares. The results missed expectations and the company released its results several hours earlier than expected.

The stock dropped about 9% before trading was suspended and weighed on the broader Nasdaq Stock Market NDAQ +0.41%. The stock resumed trading around 3:20 p.m. ET and ended down 8% on the day.

http://online.wsj.com/article/SB10000872396390443684104578064671358259436.html

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