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Google shares suspended

Google_shares_suspended_12231

Google suspended shares

Google halted trading after the accidental release of its Q3 earnings.

The prematurely published results showed that the search engine giant’s earnings had fallen 20 per cent from last year. Before Google were able to halt trading, the plummet in profits caused Google’s shares to go down by nine per cent, knocking $20bn (£12.45bn) off its value.

After trading resumed following the finalisation of the document, shares recovered slightly and were down by 8 per cent by the end of the day. After the market closed, Google chief executive Larry Page apologised to analysts: “I’m sorry for the scramble earlier today.”

Pending Larry quote

The Google Q3 results were due to be released after the stock market closed. Instead, an unauthorised copy was published early accompanied by the phrase ‘Pending Larry quote‘.

A Google spokesperson has said: “Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorisation.” As the unfinished quarterly release lacked the commentary Larry Page usually adds to financial figures, the search engine wasn’t given an opportunity to explain its results.

Some of the key reasons have come to light, including a fall in ‘cost per click’, the amount advertisers pay Google when an advert is clicked on. As revenue fell by 15 per cent from last year, this suggests that Google faces a challenge as more people turn to mobile use and mobile advertising.

Natalie Booth, online marketing manager at theEword, said: “A growing number of people are browsing on their smartphones, meaning that more advertisers are concentrating on mobile. As mobile phone advertising rates are lower than for desktops, Google needs to find a way to boost its earnings in the mobile market.

Written by lauren_knowles_swapLauren Knowles

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theEword - 23 hours ago

We are passionate about knowledge share and can’t wait to share snippets straight from Google with you on Monday http://t.co/HjF13a09zo

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theEword - 1 day ago

We're partnering with Google for an event looking at digital trends for 2015 next week. More info here: http://t.co/etwwXV1fwq

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theEword - 2 days ago

Next week we’re co-hosting a session with #Google on digital marketing trends for 2015 and how you can grow your business online!

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theEword - 2 days ago

ICYMI: Read last week's blog on the final #LightAFire14 of the year. http://t.co/ka7Nnu4rsx

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theEword - 6 days ago

Thanks again to everyone who came to #LightAFire14 this week. Read all about the event in this blog post: http://t.co/ka7Nnu4rsx

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theEweekly Wrap: 21 Nov Friday 21st of November, 2014by Martin Lindley This week: Google uses giant billboard, Facebook launches groups app, and Couple get TripAdvisor fine.

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Digital trends for 2015 on the agenda at our Google Partner ... Wednesday 26th of November, 2014by Dan Moores The Google North event will discuss the digital trends that will shape 2015, giving valuable insight into the ways in which businesses will be able to maximise the online presence.

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