Google accidentally released its third-quarter earnings early Thursday, reporting a surprising 20 percent drop in profit.
The tech giant’s share price fell 9 percent to $687.39 a share minutes after the premature release, prompting Nasdaq to halt the stock’s trading .
The earnings release was inadvertently posted to the Securities and Exchange Commission Web site hours earlier than expected by its financial printer, the company said. The accident was apparent from a note included in the release that said it is “Pending Larry quote,” likely a reference to Google chief executive officer Larry Page.
The release was posted by RR Donnelley “without authorization,” the company said in a statement. “We have ceased trading on NASDAQ while we work to finalize the document.”
The company was scheduled to release the earnings report after the markets closed Thursday afternoon.
Google reported revenue of $11.3 billion during the third quarter, up 19 percent compared to the same period last year. But that was lower than analysts expectations of $11.8 billion. Net income fell to $2.18 billion.