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Thursday, October 18, 2012

Google’s Stock Takes A Dive After Accidental Mid-Day Earnings Release, Trading Halted

Google’s Stock Takes A Dive After Accidental Mid-Day Earnings Release, Trading Halted

Google just released its Q3 2012 earnings report far ahead of schedule. It’s not clear if Google accidentally filed the report early (which currently still has some editorial comments in it) or if this was on purpose, but a mid-day earnings release like this is highly unusual. One thing that is clear, though, is that the stock market is not happy about this. Google’s stock is now down about 9% and currently trades for well under $700. As of 12:50pm EDT, trading in the stock has now been halted.
Update: Here is Google’s statement:
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 PM PT.

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