Wowser. Google just released earnings prematurely that missed projections badly and sent its stock falling so fast that trading was halted.
The issue appeared to be both a big spike in expenses and a miss on revenues. On the profit side, Google reported $9.03 per share in the third quarter. That was short of analysts’ consensus estimate of $10.63.
On the revenue side, the company reported $11.3 billion, excluding traffic acquisition costs. Wall Street had expected $11.9 billion in sales.
Still, revenues grew 45% to $14.1 billion. Not bad, but just not what the street expected.
The question now is whether the problem was with Google, or with analysts just getting over excited?