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Monday, October 29, 2012

Google Shares Fell after Earnings Leak

The international company has seen its share prices plummet with its Chief Executive Officer being ruthlessly parodied after he somehow managed to accidentally leak the company’s 3rd-quarter earnings to the web a few days ago.


Local media suggest that the company’s financial printer has accidentally published a draft version of its third-quarter earnings online. The search giant was expected to publish its financial report only after the markets closed.

An incomplete press release saying “PENDING LARRY QUOTE” featured comments from CEO Larry Page, who admitted that at just 14 years old, Google has cleared its first $14 billion revenue quarter. Page sounded really excited about the progress the company was making in developing a single Google experience across various devices. The report featured net profit of $2.18 billion, which is not as good as $2.73 billion in the same period in 2011. Although the final version which was released just a few hours later showed the same numbers, it also had a CEO comment in place of the above quoted line on the draft. Moreover, the results were not as good as his comment suggested. As a result, the financial analysts weren’t impressed, though, fairly speaking, most of the industry experts hadn’t factored in the purchase of Motorola Mobility. In fact, Google reported that its 3rd-quarter earnings missed the expectations of the Wall Street, and that was the main reason for its shares falling 9% before trading was temporarily halted.

The independent tech analysts were telling the press that the soft results were only “a hiccup in Google’s climb” and that the company was still “on the growth side of the wave”. In addition, a number of parody websites emerged online after the incident. For instance, “PendingLarry” on Twitter became quite popular, with over 1200 followers thus far.

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