Google Stock Tanks, Trading Halted

google, search, mobile, social networksGoogle inadvertently released its third quarter earnings information before the close of trading on Thursday, and the news wasn’t good: The company’s profit was down 20 percent compared to the the same period last year. The company’s stock fell 9 percent in less than an hour before trading was halted.

Analysts have been watching Google’s earnings per ad click (cost per click, or CPC) as a measure of how well the company is monetizing mobile users. The earnings showed CPC down 15 percent in a year-over-year comparison. The metric fell by 3 percent during the quarter.

Google claims the released document wasn’t finalized, and was released “without authorization” by its financial printer.

“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,” a spokesperson said.

Photo: Lyao / Shutterstock.com

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