Market Overview

Google Shares Halted Following Earnings Debacle

Google Shares Halted Following Earnings Debacle

Shares of Google (NASDAQ: GOOG) are currently halted following the premature release of the company's third-quarter earnings. The pre-announcement caused a massive dive in the stock, prompting Nasdaq to halt the shares at $687.30.

Shares of Google, the largest provider of Internet search services, have traded in a range of almost $84 today. The stock was trading around $755 at the time of the early earnings release, found in an 8-K filing with the Securities and Exchange Commission, before plunging as low as $676.

The company showed a profit of $9.03 per share, well below the $10.65 per share analysts expected. California-based Google was scheduled to report those results today after the close of U.S. markets. Paid clicks on advertisements Google carries rose 33 percent year-over-year and six percent from the second quarter.

Revenue was $11.33 billion, well below the $11.86 billion analysts expected. In a sign that Google's most important revenue driver, the paid clicks on advertisements, is slowing, the company said that metric tumbled by 15 percent in the third-quarter from the year-earlier period.

Heading into the start of trading today, shares of Google were up 15.4 percent year-to-date. With the stock halted with an intraday loss of nine percent, the year-to-date gain has been slashed to 6.4 percent.

CNBC reported Google requested the trading halt while Barron's reported the company said auditor R.R. Donnelley (NYSE: RRD) released the results without permission.

Shares of R.R. Donnelley are off 3.5 percent on volume that is nearly double the daily average in midday trading.

Posted-In: Earnings News Events Hot Intraday Update Markets Movers Tech Best of Benzinga


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