Google Q3 financial statement out early, shares pummeled

The company missed expectations, and earnings fell

Google's third-quarter financial results are out early and its shares are taking a beating because the company missed revenue and net income expectations.

Revenue came in at US$14.10 billion for the quarter ended Sept. 30, 2012, up 45 percent year on year, according to what looks like a draft copy of the press release that was posted on the U.S. Securities and Exchange Commission's site.

Subtracting commissions and other fees paid to advertising partners, revenue was $11.33 billion, below the consensus expectation of $11.86 billion from financial analysts polled by Thomson Financial.

Meanwhile, net income was $2.18 billion, or $6.53 per share, down from $2.73 billion, or $8.33 per share, in 2011's third quarter.

On a pro forma basis, which excludes certain items, net income was $3.01 billion, or $9.03 per share, below the financial analysts' consensus expectation of $10.65.

At around 1 p.m. Eastern Time, company shares were trading at $687.30, down a little more than 9 percent. Trading in company shares was reportedly halted after a quick drop in their value.

It's not clear whether the company intended to release the earnings statement early, or whether it was a mistake. As is customary, Google was expected to release its financial report after the markets close.

Google didn't immediately respond to a request for comment.

Juan Carlos Perez covers enterprise communication/collaboration suites, operating systems, browsers and general technology breaking news for The IDG News Service. Follow Juan on Twitter at @JuanCPerezIDG.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Juan Carlos Perez

IDG News Service
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?