Google Inc., whose accounting firm mistakenly released their quarterly report prematurely, saw a 9% tumble in the share of their stock today after weaker than expected earnings.
It’s not clear why Google’s results were posted in a regulatory filing early, but the weaker-than-expected top- and bottom-line figures threatened to leave the stock with its steepest one-day decline since the 2008 financial crisis.
The Mountain View, Calif.-based company said it earned $2.18 billion, or $6.53 a share, last quarter, compared with a profit of $2.73 billion, or $8.33 a share, a year earlier.
Year-over-year Google saw a 21% decline in earnings.
While the company indicates more businesses are advertising with them, they are no longer willing to pay as much per click to drive visitors to their web sites: Read more....
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