Errors do take place no matter which endeavor or career one may pick, but releasing earnings of a high profile company before their time is a dim-witted act. This is exactly what happened to Google on Thursday when unexpectedly their earnings report got released at noontime when Nasdaq was still open for trading. Google’s revenues experienced a 20 percent fall, resulting in the tech giant’s stock price plunging by 9 percent.
Google’s earnings report was supposed to be issued after the closing bell at Nasdaq, as is the standard practice for a stock exchange, but as mentioned above, that did not happened. Google has blamed their financial printer RR Donnelley & Sons for this market cap busting mishap.
According to a Google representative, “Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization. We have ceased trading on Nasdaq while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on Nasdaq and hold our earnings call as normal at 1:30 Pacific Time.”
Nevertheless, it is still unclear how this report got released ahead of time, although Google’s claim seems valid to some extent as the announcement included a notation “PENDING LARRY QUOTE” that was indicative of CEO Larry Page.
On the other hand, spokesman for Donnelley, Larry Fitzgerald said that company was “fully engaged in an investigation to determine how this event took place and are pursuing our first obligation — which is to serve our valued customer.”
Another reason behind this big fall was that analysts were hoping that Google would declare a profit of $11.86 billion with $10.65 earnings per share, but instead the multi-industry giant managed to post just $11.5 billion in profit with $9.03 earnings per share.
Source: CNet
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