Home / News / Google shares suspended after blunder reveals 20 per cent drop in profits
Google blames printing firm for profits result error

Google shares suspended after blunder reveals 20 per cent drop in profits

The tech giant’s shares were suspended for two-and-a-half hours last night after its Q3 earnings were accidentally released early.

The draft was filed with the Securities and Exchange Commission at 9.30am Pacific Time, three-and-a-half hours ahead of schedule. With the heading ‘PENDING LARRY QUOTE’, it was obvious that this was an accidental release.

The figures revealed that Google’s profits were down by 20 per cent. After the report’s release, share’s fell by nine per cent in just eight minutes, trading was then halted for almost three hours to give shareholders a chance to digest the news amid fears of a crash.

It is reported that the firm was losing more than $45 million for every second it was being traded before the shutdown.

The company blamed printing firm RR Donnelly for the blunder. "Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorisation,” said Google in statement.

Analysts blamed Google’s poor performance on its $12.5 billion (£8bn) acquisition of Motorola.

Want to receive up-to-the-minute tech news straight to your inbox? Then click here to sign up for the completely free PCR Daily Digest and Newsflash email services. You can also follow PCR on Twitter and Facebook.

Check Also

Health tech Special: How to get involved in PCR’s November issue

The next issue of PCR, which hits desks at the beginning of November, will include …