Google shares value was obliterated today as its third quarter results leaked ahead of time. Google has been known for its great or at least predictable financial results, but missed the mark on revenue and profit in Q3.
The results were supposed to be announced after the market closed.
However, they leaked early and sent share prices tumbling, 9 percent in a few minutes before trading was halted, likely due to automated mechanisms put in place to protect the market from errors that caused major meltdowns in the past.
Google shares were at close-to-record highs prior to the announcement, close to $760 / €579. They're now down to $687 / €524.
Motorola is partly responsible for the disaster. Revenue grew considerably, to represent 18 percent of Google's total, compared to 10 percent in the last quarter.
However, it was also responsible for a GAAP operating loss of $527 million / €402 million. But the results were underwhelming for Google's traditional business as well.